Abercrombie & Fitch Enters Restructured Employment Deal With Michael Jeffries

(RTTNews) - Abercrombie & Fitch Co. (ANF), Monday said it entered into a new and restructured employment agreement with Michael Jeffries, which will be effective on the expiration of Jeffries' current agreement dated February 1, 2014. The company said that terms of Jeffries' new employment agreement are included in a Form 8-K to be filed with the Securities and Exchange Commission today.

In line with the company's strategy to build internal candidates for succession planning, it also added that it will be creating new leadership positions for its major brands in a bid to enhance the brands' market presence. The company intends to recruit brand presidents to oversee the Abercrombie & Fitch and abercrombie kids brands, and the Hollister brand, respectively. Herbert Mines Associates will be assisting the company to scout for external candidates in this regard.

Additionally, the firm said Leslee Herro will retire as Executive Vice President of Merchandise Planning, Inventory Management and Brand Senses in the spring of 2014.