National Politics
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Abercrombie & Fitch Company
Abercrombie & Fitch's controversial CEO steps down
Abercrombie & Fitch's controversial CEO steps down

Teen retailer Abercrombie & Fitch, which has been struggling in recent years, said Tuesday that longtime Chief Executive Mike Jeffries is stepping down. Jeffries, who has led Abercrombie since 1992, is retiring immediately both as CEO and as a board director, the New Albany, Ohio, company said in a statement. Board chairman Arthur Martinez, along with three top-level Abercrombie executives, will manage daily operations until a new chief executive is appointed. "I believe now is the right time for new leadership to take the company forward," Jeffries said in a statement. A new CEO will face a daunting challenge to turn around the company's fortunes. Abercrombie was once...