Abercrombie & Fitch names new chairman

US-based teen retailer Abercrombie & Fitch announced today the separation of its chairman and chief

executive positions, which were previously both held by Michael S. Jeffries.

The company board also announced the appointment of Arthur C. Martinez, Terry Burman and Charles R. Perrin to the board of directors effective immediately, expanding the board to 12 members, who are all annually elected.

Martinez is set to become non-executive chairman, while Jeffries who has served as chairman of the board since 1996 is set to continuing to work as company director and CEO. Craig Stapleton, who previously held the position of lead independent director, will take on a new role as director and chair of the nominating and board governance committee following the separation of the chairman and ceo roles.

Furthermore, following the addition to its board of directors, Abercrombie & Fitch also decided to end the company's shareholders rights plan.

In a press statement released today, Jeffries said: "I am thrilled by the announcements we are making today. Arthur Martinez brings extensive sector expertise, deep boardroom experience, and valuable perspectives to the new role of Non-Executive Chairman. I am confident that he is the right choice to lead the Board of Abercrombie & Fitch as we execute against our strategic plans and move in to the next phase of the Company's growth."

Martinez added that: "I am honored to join the board of Abercrombie & Fitch and take on the role of Non-Executive Chairman. This is a company with iconic global brands, highly talented employees and tremendous potential. I look forward to working with Mike, the other members of the board, and the management team to build on the Company's brand positioning and global appeal, and create long-term value for shareholders."