On Sunday morning, Dec. 7, Michael Jeffries called some of the senior executives at Abercrombie & Fitch to discuss the holiday season. That was typical Jeffries. He was the creator and CEO of the modern-day Abercrombie and had controlled virtually every aspect of the company for the past 22 years. He approved every piece of clothing and for a while every employee, too, including the clone army of beautiful young men who stood shirtless at store entrances.
Abercrombie & Fitch's longtime CEO Michael Jeffries is retiring, effective immediately, as the once-hip teen clothing chain's sales decline. Jeffries is also retiring from the retailer's board of directors. He has served as CEO since February 1992, according to CapitalIQ. "I believe now is the right time for new leadership to take the company forward in the next phase of its development," Jeffries said in a statement.
A federal judge has rejected the settlement of a lawsuit challenging longtime Abercrombie & Fitch CEO Michael Jeffries' pay, saying it offered little benefit to shareholders despite serious allegations of wrongdoing. The Aug. 29 settlement was meant to resolve claims that Abercrombie should not have awarded Jeffries more than $140 million since 2007 and let him rack up heavy travel expenses amid persistent sales declines and an underperforming stock relative to other clothing chains'.
Activist investor Engaged Capital fired off a letter to Abercrombie & Fitch's (A&F) board of directors on Tuesday urging the teen apparel maker to find a new CEO or consider a sale of the struggling company. The move by Engaged Capital, which said it owns about 400,000 shares of A&F, drove the company's shares 5 percent higher. The activist investor cited A&F's "operational missteps," CEO Michael Jeffries’ age and "his increasingly controversial reputation." Jeffries, 68, is credited with creating the valuable Hollister brand and repositioning A&F. His contract is up for renewal on Feb. 1.
A judge ordered Abercrombie & Fitch Co. (ANF) Chief Executive Officer Michael Jeffries to give a second deposition this month in an age-discrimination lawsuit brought by a former corporate jet pilot in April 2010. Jeffries will be deposed for as many as...