After 11 straight quarters of declines, Abercrombie & Fitch CEO is out

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Credit:  BERTRAND GUAY/AFP/Getty Images

Credit: BERTRAND GUAY/AFP/Getty Images

NEW ALBANY, Ohio (AP) — Abercrombie & Fitch’s CEO Michael Jeffries is retiring, effective immediately.

Jefferies is also retiring from the retailer’s board of directors.

Current Non-Executive Chairman Arthur Martinez will become Executive Chairman. Abercrombie & Fitch Co. also said that its board has created an Office of the Chairman.

The company says it has started a search for a new CEO.

The stock rose 7 percent in Tuesday premarket trading.

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