Reginal Thomas
All posts from Reginal Thomas
Reginal Thomas in reginal thomas,

Abercrombie & Fitch Co. Share Holders Want A New CEO

Shareholders at Abercrombie & Fitch Co. are lobbying for board of directors to replace the current CEO Mike Jeffries when his contract expires in February or consider selling the company. Engaged Capital LLC's Managing Director Glenn W. Welling wrote in a letter to the board, "Given the company's history of operational missteps, taken together with Mr. Jeffries's age and his increasingly controversial reputation, the Board must not let this opportunity pass." Engaged Capital own less than a 1% stake in the retailer. Jeffries, is 69, and has been the CEO of the company for 16 years. According to his contract, he stands to earn more than $100 million if the company were to replace him.