Retail Removal: Abercrombie & Fitch Strips CEO Mike Jeffries of Chairman Spot
Posted Thursday January 30, 2014 9:12 AM GMT
He’s been a constant headache for the public relations department over at Abercrombie & Fitch and CEO Mike Jeffries is finally feeling the negative blowback of his disparaging actions.
Following the decision to renew Jeffries’ contract, A&F has removed him as chairman of their board and appointed 73-year-old Arthur C. Martinez in his place.
Though he can’t possibly be okay with the move, Mike played nice with his press statement- “I have strongly supported the significant corporate governance enhancements the company has made in the past few years, and I am thrilled by the announcements we are making today. Arthur Martinez brings extensive sector expertise, deep boardroom experience and valuable perspectives to the new role of non-executive chairman.”
In the past, Jeffries has made insensitive and derogatory statements regarding overweight and unpopular teens, indicating that Abercrombie & Fitch is not the brand for them. As a result the company has suffered from declining sales and stock values.