Rob Banks
All posts from Rob Banks
Rob Banks in Rob Banks,

Abercrombie & Fitch's Mike Jeffries Stripped of Chairman Duties

Even though we've seen this coming for a long time, Abercrombie has been due for some serious changes for quite a long time now.  As of today, CEO and chairman Mike Jeffries has been stripped of the chairman title (though he will remain CEO as well as board member).  Strange to say, Mike Jeffries himself commented that he was "thrilled" by the changes.  

As it stands, the position will be replaced by Arthur Martinez, the former CEO and chairman of sears and former chairman of the Federal Reserve Bank of Chicago.  Apart from that, they also added 2 new directors to the board, which are Terry Burman (Former CEO of Signet Jewelers Ltd.) and Charles Perrin (Former CEO and Chairman of Avon Products).  As we probably expected, A&F stocks went up 1% in pre-market trading.  What do you guys think?  Good move?