NEW ALBANY, Ohio (AP) — Abercrombie & Fitch is separating its chairman and CEO roles and expanding its board's size. The teen retailer is also terminating its shareholder rights plan.
Abercrombie & Fitch Co. named Arthur Martinez, Terry Burman and Charles Perrin as directors, expanding its board to 12 members. Martinez, the former head of Sears, was named non-executive chairman. Michael Jefferies, who'd served as chairman since 1996, will remain a director and the CEO.
Abercrombie & Fitch said that it will provide more information about the end of its shareholder rights plan in a regulatory filing on Tuesday. Such a plan, also known as a "poison pill," is typically used by a company when it is trying to ward off a hostile takeover attempt.
Abercrombie & Fitch's stock rose 2 percent in premarket trading.