Dive Brief:
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Pittsburgh-based American Eagle Outfitters Inc. announced after Wednesday’s market close that chief executive Robert Hanson has departed. No reason was given.
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Shares dipped 3.9% to $13.75 in after-hours trading. The retailer has suffered three quarters of falling revenue.
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Executive Chairman Jay L. Schottenstein, who served as American Eagle’s CEO for 10 years starting in 1992, will fill in until the company finds a permanent executive to replace Hanson.
Dive Insight:
Pittsburgh-based American Eagle Outfitters is a popular clothing retailer among the teenage set, but not popular enough to stem falling sales and revenues. Like other retailers, American Eagle suffered a rough holiday shopping season, but was already faltering under declining sales for the better part of last year.
