- Prachi Singh |
Abercrombie & Fitch Co. has announced that Arthur C. Martinez will step down as executive chairman of its board of directors at the conclusion of its fiscal year ending February 3, 2018 in connection with his plans to retire as a director and not stand for re-election at the company's 2018 annual meeting of shareholders in June. The company added that Terry L. Burman, Lead Independent Director and Chair of the nominating and board governance committee will assume the role of Non-Executive Chairman at that time.
"I am proud of the demonstrable progress that Abercrombie & Fitch is making under the leadership of Fran Horowitz, who was appointed Chief Executive Officer early last year," said Martinez in a media release, adding "My decision to step down as executive chairman and not stand for reelection to the board is part of a planned transition of the chairman role. With the company on a solid trajectory, this is the right time to hand over board leadership to Terry, who has outstanding credentials as a retail industry leader and is the right person to assume the role.”
Abercrombie & Fitch Executive Chairman steps down
Abercrombie & Fitch said that Martinez and Burman both joined the company’s board in January 2014 and Martinez was appointed non-executive chairman of the board at that time, and has served as the company's Executive Chairman since December 2014.
"In the realm of business leaders, Arthur is a singular talent," said Burman, adding, "Abercrombie & Fitch has benefited enormously from his deep expertise and steady hand at a time of turbulence both at the company and in our industry."
Martinez, the company added, has enjoyed a long and highly accomplished career in retailing. He led the turnaround of Sears in the late 1990's as its chief executive officer, restoring the company to profitability after years of losses. He also served in a number of senior executive positions at Saks Fifth Avenue, among other companies. He has also served as chairman of HSNi until it was acquired in late December 2017 and of ABN-Amro, the largest bank in the Netherlands, and a director of AIG, PepsiCo, International Flavors & Fragrances and Kate Spade, among other companies. He is currently Chairman of Greenwich Hospital and a Trustee of Yale-New Haven Health System and Northwestern University.
Burman, the company further said, currently serves as Chairman of the Board of Tuesday Morning Corporation and as a Director of Learning Care Group. During his career he held the positions of president and chief executive officer of Barry's Jewelers, chief executive officer of Signet, chairman of Zale Corporation and was a member of the board of directors of Yankee Candle Company. He has also served as chairman of the board of St. Jude Children's Research Hospital.