Abercrombie & Fitch Co. announced today that Michael Jeffries is retiring as CEO and member of the Board of Directors, effective immediately. Arthur Martinez, current non-executive chairman, will become executive chairman. Martinez has served as non-executive chairman of Abercrombie & Fitch since January 2014.

The board established an Office of the Chairman that will oversee the company’s strategic direction and be responsible for managing the company’s day-to-day business until a new CEO is appointed. The Office of the Chairman consists of Arthur Martinez, as well as Jonathan Ramsden (chief operating officer), Christos Angelides (brand president of Abercrombie & Fitch) and Fran Horowitz (brand president of Hollister).

A successor for Jeffries has not yet been found, but the board has engaged a leading executive search firm to identify and evaluate internal as well as external candidates.

"It is impossible to overstate Mike Jeffries' extraordinary accomplishments in building Abercrombie & Fitch to the iconic status the brand now enjoys. From a standing start two decades ago, his creativity and imagination were the driving forces behind the company's growth and success. Going forward, we are confident in our talented senior leadership team and the steps we are taking to revitalize our brands and business," said Arthur Martinez.