Abercrombie Fires Executive Who Was Considered To Be Company's Next CEO, Appoints Other Executive As President

Shares of

were trading at $27.04, up nearly 6 percent on the day and near session highs of $27.24.

reported Tuesday morning that Abercrombie & Fitch fired Christos Angelides, head of its namesake brand. The publication noted that Angelides was considered to be potential to fill the company's vacant CEO title. In an

, Abercrombie stated that Angelides "has left the company." The company also disclosed that it has named Fran Horowitz as President and Chief Merchandising Officer. Horowitz was previously President of Abercombie's Hollister brand but will now have the responsibility for all of the company's brands in the newly created position. "Fran's merchandising skills and her exceptional leadership, which has inspired associates to focus all their efforts on an intense understanding and commitment to our customers, has ignited a turnaround at our Hollister brand," Abercrombie's Executive Chairman Arthur Martinez said in the press release. " This promotion provides Fran the opportunity to play an even greater role in our future success as we focus on building shareholder value by positioning each of our brands for sustainable growth."