A&F promotes chief merchandising head to CEO

Markets Associated Press

Teen clothing chain Abercrombie & Fitch says it has promoted its president and chief merchandising officer to CEO.

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The New Albany, Ohio-based company said Wednesday Fran Horowitz, 53, who served as merchandising head since December 2015, will take over as CEO immediately. She will report to Arthur Martinez, who will remain as executive chairman.

She replaces Michael Jeffries, who stepped down in 2014 amid much controversy after leading the retailer for more than 20 years.

Horowitz joined A&F as the company's Hollister brand president in October 2014.

The move comes as Abercrombie & Fitch Co., like many teen retailers, struggle with sluggish sales amid a changing landscape.