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.
