American Eagle Appoints Interim CEO - Analyst Blog
January 23 2014 - 12:50PM
Zacks
Global specialty retailer, American Eagle Outfitters
Inc. (AEO), named Jay L. Schottenstein as its Interim
Chief Executive Officer (CEO), replacing Robert Hanson who departed
from the company. Mr. Schottenstein already holds the position of
Executive Chairman of the Board and will take over his temporary
position effective immediately, while the board decides on the new
CEO.
Jay Schottenstein served as the company’s CEO between Mar 1992 and
Dec 2002. He has been serving as an Executive Chairman since the
start of fiscal 2012 and as a Chairman since March 1992. In his new
role as the Interim CEO, Jay Schottenstein aims to make the most
out of the company’s brands portfolio while positioning it for
growth and long-term success.
Further, the company revealed that Roger S. Markfield will continue
to serve as the company’s Vice Chairman and Executive Creative
Director. Associated with American Eagle since 1993, Markfield has
decided to push back his retirement date. Additionally he has been
among the company’s directors since 1999. Over his tenure, he
contributed significantly to the company with his creative ideas
and aided American Eagle evolve as a leading lifestyle apparel
brand.
Meanwhile, the company announced that it continues to project
fourth-quarter fiscal 2013 earnings in line with the guidance it
laid down early in Jan 2014. Citing weak sales and comps trends
during the holiday season, on Jan 9, the company skewed its
earnings projection to dovetail with the lower-end of previously
provided guidance range of 26 cents to 30 cents a share.
American Eagle, which operates over 1,000 stores globally, is not
the only company to have cut its forecast due to
lower-than-expected sales and margin pressure following intense
price competition that resulted in huge discounts.
Retailers that lowered guidance battered by the holiday results
include Family Dollar Stores Inc. (FDO),
Pacific Sunwear of California Inc. (PSUN) and
L Brands Inc. (LB).
AMER EAGLE OUTF (AEO): Free Stock Analysis Report
FAMILY DOLLAR (FDO): Free Stock Analysis Report
L BRANDS INC (LB): Free Stock Analysis Report
PAC SUNWEAR CAL (PSUN): Free Stock Analysis Report
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