Investors Want To Boot Abercrombie CEO
Investors would like A&F to disrobe itself of CEO Mike Jeffries. An activist investor said the 69 year old has lost touch completely with what kids want to wear. The retailer apparently hasn’t identified a succession plan for its CEO, according to Glenn Welling, managing director at Engaged Capital, in a letter to Abercrombie’s board. Jeffries’ employment contract is up for renewal Feb. 1. Shares rose 5.8% after Engaged Capital published a missive to the board that it replace Jeffries.