Abercrombie & Fitch Stock Rallies After CEO Retires

Abercrombie & Fitch's stock ran up 6.6% in premarket trade Tuesday, after the troubled apparel retailer said its chief executive, Michael Jeffries, is retiring, effective immediately. The company also named Arthur Martinez, currently its non-executive chairman, as executive chairman. The company also established an office of the chairman, which consists of Martinez, Chief Operating Officer Jonathan Ramsden, Brand President of Abercrombie & Fitch Christos Angelides, and President of Hollister Fran Horowitz, to oversee the day-to-day operations until a new CEO is named. Through Monday, the stock had dropped 20% so far this year, compared with a 4.1% rise in the SPDR S&P Retail ETF and an 11% gain in the S&P 500.