Abercrombie stock jumps after CEO exit

Michel Jeffries in 2005.
Michael Loccisano | FilmMagic | Getty Images
Michel Jeffries in 2005.

Teen apparel retailer Abercrombie & Fitch said Chief Executive Michael Jeffries would retire effective immediately, and its shares rose 6.8 percent in premarket trading.

The company said a team led by Arthur Martinez, who has been named executive chairman, would be responsible for managing day-to-day operations until a new CEO was appointed.

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In January, the retailer stripped Jeffries of his chairman duties, bowing to investor pressure to reduce his control over the struggling company.