Jan 28 (Reuters) - Teen apparel retailer Abercrombie & Fitch Co said it separated the roles of chairman and chief executive officer and abandoned a plan aimed at blocking hostile buyout bids.
Abercrombie shares rose 2 percent in premarket trading.
The move comes more than a month after shareholder Engaged Capital LLC urged the retailer to replace current Chief Executive Mike Jeffries or sell itself.
The company said Jeffries, who has served as Chairman since 1996, will continue to serve as its chief executive, while Arthur Martinez has been appointed as non-executive chairman, the company said on Tuesday.
(Reporting by Siddharth Cavale in Bangalore; Editing by Saumyadeb Chakrabarty)
ALSO ON HUFFPOST:
The Morning Email helps you start your workday with everything you need to know: breaking news, entertainment and a dash of fun. Learn more