FRANCHISE HERALD
Thursday October 1, 2020

updated - October 1, 2020 Thursday EDT

Abercrombie CEO Retires

Dec 09, 2014 09:57 PM EST | By Jane Galvez
Tags
abercrombie & fitch, mike jeffries
Close
Abercrombie & Fitch storefront
Abercrombie & Fitch storefront

Abercrombie & Fitch announced Tuesday that Michael Jeffries will retire from his position as CEO and member of the Board of Directors, effective immediately.

Arthur Martinez, current Non-Executive Chairman of the Board, is assigned as the new Executive Chairman. Until a new A&F CEO is appointed, the Office the Chairman will manage the daily operations of the company and its strategic direction.

The Board hired an executive search firm to look for successors by identifying and evaluating candidates from both internal and external units.

"It is impossible to overstate Mike Jeffries' extraordinary accomplishments in building Abercrombie & Fitch to the iconic status the brand now enjoys. From a standing start two decades ago, his creativity and imagination were the driving forces behind the company's growth and success," said Martinez.

The newly appointed Chairman shared his confidence to revitalize the brand and business with A&F's senior leadership.

Jeffries said in a press release posted Tuesday, "I am extremely proud of your accomplishments. I believe now is the right time for new leadership to take the company forward in the next phase of its development."

A&F is in the midst of reviving the brand and cutting $200 million in costs after sliding sales. Its getting rid of the signature Abercrombie logos plastered on shirts, jackets, and everything clothing material. The company also promised to close underperforming branches, and they're also in the middle of re-designing stores.

However, none of the effort seems to be working as the company reported a 12% drop in sales compared to the same quarter a year ago.

Huffington Post reported that Abercrombie has looking for a replacement for Jeffries for a long time. The CEO has been involved in numerous scandals, including statements that offended the public.

Martinez said they're confident that they can find a new CEO that will direct the brand to more growth opportunities.

Get the Most Popular Franchiseherald Stories in a Weekly Newsletter
© 2015 Franchise Herald. All rights reserved.
>>>>>>> 10460c7d066ded6bd40ea293096592303635a9b7 <<<<<<< HEAD ======= >>>>>>> 10460c7d066ded6bd40ea293096592303635a9b7
<<<<<<< HEAD ======= >>>>>>> 10460c7d066ded6bd40ea293096592303635a9b7

Connect With Franchise News

Email Newsletter

TOP 10 FRANCHISES OF 2020

  • RANK
    FRANCHISE NAME
    STARUP COSTS
  • 1nc
    Hampton Hotels
    $3.7M - 13.52M
  • 2nc
    Subway
    $85.2K - 260.35K
  • 3up
    Jiffy Lube Int'l. Inc.
    $196.5K - 304K
  • 4down
    7-Eleven Inc.
    $30.8K - 1.64M
  • 5up
    Supercuts
    $103.55K - 196.5K
  • 6up
    Anytime Fitness
    $56.3K - 353.9K
  • 7down
    Servpro
    $133.05K - 181.45K
  • 8down
    Denny's Inc.
    $1.18M - 2.4M
  • 9down
    McDonald's
    $1M - 2.16M
  • 10down
    Pizza Hut Inc.
    $295K - 2.15M
Real Time Analytics