Investor Says Abercrombie Should Remove CEO, Sell Itself

Law360, New York (December 3, 2013, 5:31 PM EST) -- Activist investor Engaged Capital LLC, led by Glenn Welling, sent a nine-page letter Tuesday to Abercrombie & Fitch Co. calling for the sputtering retailer to change leadership and sell itself to private equity investors.

The letter, signed by Welling, asked the board to remove 69-year-old chairman and CEO Michael Jeffries by not renewing his contract, which is set to expire Feb. 1, because his mismanagement has led to years of “persistent underperformance.” Last month, the company announced a $0.20 quarterly dividend after it reported net third-quarter...
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