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Abercrombie & Fitch CEO Retiring

Abercrombie & Fitch CEO Michael Jeffries has announced his retirement, effective immediately. 

Jeffries alienated customers with statements about who fits into the brand's image. His departure comes a week after the teen retailer cut its annual profit outlook and reported an 11.5 percent drop in sales in its third quarter. Current Non-Executive Chair Arthur Martinez will become Executive Chair. The New Albany-based company says it has started a search for a new CEO.