Mizuho Securities' Betty Chan On Abercrombie & Fitch CEO Retirement: 'News Is Quite Welcome'

Speaking to Benzinga, Mizuho Securities USA Analyst Betty Chan said that the numbers show investors’ frustration with Abercrombie & Fitch Co. ANF.

“The company has been trying to turn itself around for over two years now and really has been ineffective in many ways,” Chan said.

But Chan did not want to “take anything away” from departing CEO Michael Jeffries, whom she said was the brain trust behind the company from the inception to evolving it into multiple brands.

She did mention that now is probably the time to bring in new leadership on the top level.

“They already appointed brand presidents for Abercrombie and Hollister earlier this year,” she said. “Perhaps it’s time to even have a new CEO that could accelerate that process.”

She said the news of Jeffries' retirement was "quite welcome," especially after the last few disappointing quarters.