Jeffries will retire immediately as CEO and a member of the board, the New Albany, Ohio-based company said today in a statement. The board is now seeking a replacement for Jeffries and has enlisted an executive-search firm to identify both internal and external candidates.
Jeffries, 70, has come under fire as the Abercrombie and Hollister clothing lines lost their relevance with teenage shoppers, leading to declining same-store sales and tumbling profit.
Read more here at Bloomberg.
The only thing that we’re surprised is that it takes him this long to step down. The company has been suffering from sluggish sales, ailing brand, and media backlash, not to mention assault to our nostrils whenever we step in into the stores. The discriminating mentality that it only serves a certain type of clientele with certain body type is severely outdated coupled with no-apology attitude that the CEO adopts.
Perhaps, whoever is going to step in needs to hire a better PR. Just saying.