After serving 22 years as the CEO of Abercrombie & Fitch, Michael Jeffries is retiring after posting lackluster sales for several quarters and won’t also be a part of Board of Directors. Abercrombie & Fitch has 834 stores in the US and 166 stores across Canada, Europe, Asia, Australia and the Middle East at the third quarter’s end. Jeffries said in a statement, “I believe now is the right time for new leadership to take the company forward in the next phase of its development.” Last month, Jeffries said the company was clearly disappointed with its financial results, with sales falling to US $ 911.4 million from US $ 1.03billion. The office of the chairman will oversee Abercrombie & Fitch’s strategic direction. It will also be responsible for managing the company’s day-to-day operations until a new CEO is appointed.
