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Abercrombie & Fitch CEO Mike Jeffries is stepping down from his post, effective immediately, reports Business of Fashion. The news of his retirement has been met with immediate approval from investors, as the stock has gone up almost seven percent since the announcement. Jeffries is the man responsible for making the moose logo one of the hottest commodities across high schools in the '90s and early 2000s.
Abercrombie has been struggling ever since it lost its cool factor, and while Jeffries promised earlier this year to make changes to the cologne-drenched, and dim stores, even going as far as ditching its moose logo, the company presumably wanted to go in a new direction after dealing with numerous controversies. In 2013 alone, Jeffries' comments surfaced on how Abercrombie is only for cool kids and turned the CEO into a meme, the brand went under investigation for discriminatory hiring practices, and it was reportedly hemorrhaging money.
Hopefully, the change will also help restore Abercrombie to its former glory days as one of the best menswear brands.
[via Business of Fashion]