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American Eagle Outfitters CEO Steps Down

By Associated Press – Jan 22, 2014 at 5:28PM

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The company said Jay L. Schottenstein, executive chairman, will serve as interim CEO as a search for a permanent CEO commences.

PITTSBURGH (AP) -- American Eagle Outfitters said Wednesday its CEO Robert Hanson was leaving. The move follows a disappointing holiday sales season for the teen retailer.

The company said Jay L. Schottenstein, executive chairman, will serve as interim CEO as a search for a permanent CEO commences. Shares fell more than 3% in after-hours trading.

Earlier this month American Eagle, which is based in Pittsburgh, said total revenue for the nine-week period ended Jan. 4 fell 2% while revenue in stores open at least one year, a key retail metric, fell 7%.

At the time, It also said it expected fourth-quarter net income of $0.26 per share, the low end of its prior range of $0.26 to $0.30 per share. On Wednesday the company reiterated that guidance, which matches the current estimate among analysts surveyed by FactSet.

The retailer, which operates more than 1,000 stores in North America, China and Hong Kong, has been struggling to turn around results. In December it reported Its third-quarter net income fell 68%. At the time Hanson called the results "clearly unsatisfactory."

Hanson, a former Levi's executive, took the CEO role in 2012 after longtime CEO James O'Donnell retired.

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