Abercrombie & Fitch Co Chief Executive Michael Jeffries, who transformed the teen apparel retailer from a drab sports brand into a fashion icon before running afoul of shoppers and investors, has stepped down after over two decades at the helm.
Jeffries, 70, has faced flak in recent years for failing to keep pace with the tastes of teen shoppers, who are increasingly turning to "fast fashion" chains such as Forever 21 and Inditex’s Zara for their sartorial needs.
A team led by Executive Chairman Arthur Martinez will manage day-to-day operations until a new CEO is named, Abercrombie said on Tuesday.
(Source: CNBC)