Longtime Abercrombie & Fitch CEO Michael Jeffries Steps Down

Abercrombie & Fitch's longtime CEO Michael Jeffries is retiring, effective immediately, as the once-hip teen clothing chain's sales decline. Jeffries is also retiring from the retailer's board of directors. He has served as CEO since February 1992, according to CapitalIQ. "I believe now is the right time for new leadership to take the company forward in the next phase of its development," Jeffries said in a statement.