Chief of Abercrombie & Fitch is Stripped of Chairman Title

Teen apparel retailer Abercrombie & Fitch stripped its chief executive, Mike Jeffries, of his chairman duties, bowing to investor pressure to reduce his control over the struggling company. "It seems like it's a political and respectful way of approaching a CEO issue without saying we're gonna throw you to the curb," said Simeon Siegel, an analyst at Nomura Equity Research. Jeffries, 69, hired in 1992 to revamp what was an ailing sports brand, has faced criticism for failing to stop the retailer from ceding market share to chains like Forever 21 and Inditex's Zara.