Saved Jeffries’ skin
Michael Jeffries has been both Abercrombie & Fitch’s chairman and CEO
since 1996. He will still be part of that board and keep his role as CEO, but Arthur Martinez will become the
‘non-executive chairman’.
Martinez is already on the boards of American International Group and
IAC/InterActiveCorp. Alongside him, Terry
Burman and Charles Perrin were named members of the board of directors at
Abercrombie & Fitch.
The changes are the result of shareholder complaints. Some wanted Jeffries
to be replaced, especially after Jeffries seemed to have lost his touch with
A&F customers. The company’s
collections are not as popular as they used to be and the barely-dressed models
in the stores do not seem to attract as much traffic anymore, with lower
sales as a result.
