Former CEO (1992-2002) and current executive chairman Jay Schottenstein will be interim CEO and Roger Markfield, the company’s vice chairman and executive creative director, will postpone his retirement.
“On behalf of the board of directors, I want to thank Robert for his contributions during his tenure and wish him well in his future endeavors,” said Schottenstein in a statement. “I look forward to working closely with Roger and our talented team to capitalize on the significant potential of our brands and to position the company for growth and long-term success.”
American Eagle advised that fourth quarter earnings would probably be at the low end of the forecast. Net sales for the nine weeks to January 4 dropped 2 percent to $882 million and same-store sales fell 7 percent.