Abercrombie Settles Board Fight With Investor Engaged Capital

Abercrombie & Fitch said on Wednesday that it had settled a proxy fight with the activist hedge fund Engaged Capital, agreeing to add four new independent directors to its board. Under the terms of the agreement, the retailer said that it would nominate Bonnie R. Brooks, the vice chairman of the Hudson's Bay Company; Sarah M. Gallagher, a former executive at Ralph Lauren; Diane L. Neal, the former chief executive of Bath & Body Works; and Stephanie M. Shern, a former global director of retail for Ernst & Young.