Abercrombie Sticks With CEO Despite Activist's Flak

Law360, New York (December 9, 2013, 3:00 PM EST) -- Sputtering teen retailer Abercrombie & Fitch Co. said Monday that it will keep CEO Mike Jeffries in its C-suite for at least another year after his contract expires in February, brushing off sharp criticism from an activist investor that last week urged his ouster.

California-based Engaged Capital LLC took aim at Jeffries, also Abercrombie's chairman, blaming him for years of “persistent underperformance” riddled with steep sales declines and stock price dropoffs. The hedge fund had urged the New York company to not renew Jeffries' contract and...
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