American Eagle Outfitters, the American apparel retailer has named Jay L. Schottenstein as the CEO, with an immediate effect. Schottenstein, who is serving as the interim chief of the company since January 2014, will also continue in his role as Executive Chairman of the Board. He is also the fifth largest shareholder in American Eagle Outfitters, and has served as its Chairman since March 1999. Prior to this, Schottenstein has held the position of CEO from March 1992 until December 2002.
Michael Jesselson, Lead Independent Director for American Eagle’s Board of Directors said on Schottenstein appointment, “Jay has orchestrated a swift recovery since taking the helm, successfully guiding the company through a challenging and highly competitive retail environment. He has exceptional instincts for our brands, a strong strategic vision and proven ability to lead the company to profitable growth.”
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The company operates more than 1,000 stores in the US, Canada, Mexico, China Hong Kong and UK, and ships to 81 countries worldwide through its websites. For the third quarter ended October 31, the company’s net income increased to US $74.1 million from US $9 million in the year ago period while its net revenue rose 7.6% to US $919.1 million, from US $854.3 million.
