AMERICAN EAGLE NAMES JAY SCHOTTENSTEIN CEO; THIRD-QUARTER RESULTS IMPROVE
American Eagle Outfitters, Inc. (AEO) has appointed Jay L. Schottenstein Chief Executive Officer, effective immediately. Schottenstein will continue in his role as executive chairman of the board. He has served as interim Chief Executive Officer since January of 2014. He had previously held the role of Chief Executive Officer from March 1992 until December 2002.
The move came on the same day as American Eagle announced positive third-quarter results. Revenue rose 8% to $919.1 million; same-store sales for the quarter rose 9%; and earnings were 35 cents a share, up from 22 cents a year earlier.
“Jay has orchestrated a swift recovery since taking the helm, successfully guiding the company through a challenging and highly competitive retail environment,” said Michael Jesselson, lead independent director for AEO’s board of directors. “He has exceptional instincts for our brands, a strong strategic vision and proven ability to lead the company to profitable growth. On behalf of the entire Board, we are pleased to have Jay’s commitment and the leadership continuity that this appointment brings.”
“Nearly two years ago, we set priorities to strengthen the merchandise, reinvigorate our brands and deliver profit improvement,” commented Schottenstein. “As a result, we have achieved several quarters of sales and earnings growth in a tough retail landscape. This success is a true testament to the strength of our leadership team, dedication and talent of our associates and the power of our brands. I am convinced we have the best opportunity in retail today, and we will stay focused on driving profitable growth across our brands, channels and geographies.”
