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Controversial Abercrombie & Fitch CEO Mike Jeffries is retiring immediately, according to the Financial Times. Abercrombie's current non-executive chairman Arthur Martinez is now the brand's executive chairman and will run Abercrombie while the company searches for a new chief executive.
Jeffries recently faced accusations of excessive spending and abuse of the company's helicopter and private plane. His career at the retailer began in the early 1990s, and although Jeffries's vision made Abercrombie a mall institution, his quirky management style and history of exclusionary comments drew criticism. The Financial Times reports that shares in Abercrombie & Fitch climbed 6.7 per cent in pre-market trading.
· Abercrombie & Fitch CEO leaves immediately [FT]
· Lawsuit Alleges A&F CEO Abused His Helicopter Privileges [Racked]
· Abercrombie CEO Sold $3.6 Mil in Shares in Three Weeks [Racked]
· A&F Quarterly: The Story of Abercrombie's Highbrow, Controversial, Sort of Amazing Magalog [Racked]