Please ensure Javascript is enabled for purposes of website accessibility

American Eagle Outfitters CEO Steps Down

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

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

The Motley Fool has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
356%
 
S&P 500 Returns
118%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 11/28/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.