Abercrombie & Fitch CEO Michael Jeffries steps down, effective immediately

Before you go, we thought you'd like these...
Before you go close icon

Michael Jeffries, the Abercrombie & Fitch CEO with a track record of inciting controversy, has stepped down from his role at the company, effective immediately. Arthur Martinez, currently the non-executive chairman of the board of the teen retailer, has taken on the role of executive chairman and will lead day-to-day operations until Jeffries's successor is named.

Jeffries's departure isn't unprecedented. In December 2013, investors issued a letter calling for his dismissal when his contract expired in February 2014, citing poor performance "due to poor leadership" and Abercrombie's growing "irrelevance" with its core demographic - that's not to mention his history of making public statements about the exclusivity of the brand when it comes to plus-size shoppers. Company shares surged 7.3 percent following the letter's publication.

A week after the letter's publication, Abercrombie decided to extend Jeffries' contract to February 2015, but the company threw investors a bone last January, stripping the CEO of his chairman role, which went to Martinez.

The news of Jeffries's premature departure from the company comes just days after Abercrombie & Fitch delivered yet another quarter of sub-par financial results, with sales in the thirteen weeks leading up to November 1 slumping 10 percent. Teen retailers are struggling generally, so Jeffries leaving won't be an immediate fix for the company's flagging sales - but it's hard to think it won't help.

Abercrombie & Fitch's stock price shot up 6.6 percent on Tuesday morning following the news of Jeffries' departure.

More from Fashionista:
Julia Roberts is the New Face of Givenchy
How Sarah Slutsky Balances a Tech Startup with Styling Emma Watson
Lauren's Chapped Lips-Fighting Exfoliator
What to Do When You Get the Same Dress as Your Friend
Read Full Story

From Our Partners

20 Folks Recall Shocking Interview Moments That Made Them NOT Want the Job 20 Folks Recall Shocking Interview Moments That Made Them NOT Want the Job
Man Suspects His Wife Is Cheating On Him - Then His Daughter Reveals What's Really Going Man Suspects His Wife Is Cheating On Him - Then His Daughter Reveals What's Really Going
Nature Gets Revenge On Safari Hunter Who Killed Elephants And Lions For Sport Nature Gets Revenge On Safari Hunter Who Killed Elephants And Lions For Sport
JOIN THE CONVERSATION
Like AOL Lifestyle on Facebook