Abercrombie & Fitch appoints new chairman
Lifestyle clothing brand Abercrombie & Fitch has separated the roles of chairman and chief executive, which were both previously held by Michael Jeffries, and announced the appointment of a new chairman.
The US retailer has named former Sears chief executive Arthur Martinez as non-executive chairman while Terry Burman and Charles Perrin have both joined the board as directors.
Jeffries, who has served as chairman of the board since 1996, will continue as a director and as the company's chief executive.
Meanwhile Craig Stapleton, who previously held the position of lead independent director, will become director and chair of the nominating and board governance committee following the separation of the chairman and chief executive roles.
Jeffries said: "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. I am confident that he is the right choice to lead the board of Abercrombie & Fitch as we execute against our strategic plans and move in to the next phase of the company's growth."
Martinez added: "This is a company with iconic global brands, highly talented employees and tremendous potential. I look forward to working with Mike, the other members of the board, and the management team to build on the company's brand positioning and global appeal, and create long-term value for shareholders."
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