Dive Summary:
- Abercrombie investor Engaged Capital LLC is advocating for the teen-clothing retailer to replace current CEO Michael Jefferies.
- Engaged Capital is also urging Abercrombie to explore a possible sale of the company following a troubled 2013, reports Bloomberg.
- Jefferies' current contract as Abercrombie CEO is set to expire in February 2014.
Dive Insight:
Abercrombie CEO Michael Jefferies has struggled to connect with its traditional teen base of customers during a turbulent 2013, following public backlash over comments made by Jefferies regarding Abercrombie’s customer base. “The board needs to come to the same conclusion that everyone else already has—it is time for new leadership at Abercrombie & Fitch,” said Glen Welling with Engaged Capital.
