Abercrombie & Fitch CEO Jeffries retiring; has started a search for a new CEO

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.