Abercrombie & Fitch Long Time CEO Michael Jeffries Retires

(RTTNews) - Specialty retailer of casual apparels Abercrombie & Fitch Co. (ANF) announced Tuesday that long time Chief Executive Officer Michael Jeffries is retiring from the position and also as a director, effective immediately. The company also named Non-Executive Chairman Arthur Martinez as executive chairman after it established an office of the chairman.

Jeffries noted that "now is the right time for new leadership to take the Company forward in the next phase of its development."

"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," Martinez said in a statement.

The office of the chairman will consist of Martinez, Chief Operating Officer Jonathan Ramsden, Brand President of Abercrombie & Fitch Christos Angelides, and Brand President of Hollister Fran Horowitz.

The company said the office of the chairman will oversee its strategic direction and currently be responsible for managing its day-to-day operations until a new CEO is appointed.

The New Albany, Ohio-based retailer said the board will launch a search for a new CEO. It has already engaged a leading executive search firm to identify and evaluate both internal and external candidates.

Jeffries has served as CEO of the company for more than two decades since February 1992. He also served as chairman from May 1998 until January 2014. Further, he held the title of president from February 1992 to May 1998.

The company's has recently been significantly strengthening its senior leadership team. It created the position of the Chief Operating Officer and Brand President roles in 2014 as part of the move.

"Going forward, we are confident in our talented senior leadership team and the steps we are taking to revitalize our brands and busines. We are also confident that our search will identify a new leader with the skills and expertise to enable Abercrombie & Fitch to capitalize fully on its growth opportunities and build shareholder value," Martinez added.

In Tuesday's regular trading session, ANF is currently trading at $28.02, up $1.67 or 6.34% on a volume of 2.33 million shares.