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Mike Jeffries No Longer The Chairman of Abercrombie & Fitch

The CEO of Abercrombie & Fitch Mike Jeffries has been stripped of his title and role as chairman of the fashion retailer. Arthur Martinez, the former head of Sears, will now be the non-executive chairman.

Jeffries who was served as chairman for the company since 1996, will remain a director and CEO. Since the news hitting the internet the company's shares are up 2% mostly because no one likes Jeffries.

Jeffries created a lot of negative headlines when he said the company does not make clothes for fat woman and does not want uncool kids wearing the brand.

Abercrombie & Fitch also announced two new additions to its board of directors. Terry Burman the chairman of jewelry retailer Zale corporation, and Charles Perrin who already serves on the Campbell Soup Company board are now part of the A&F board.