Christos Angelides, who became president of Abercrombie & Fitch in October 2014 after 28 years at Next, has left the US retailer.
Angelides joined Next as a trainee menswear buyer in 1986. He moved to become general manager of its Hong Kong sourcing office in 1989 and was promoted to menswear product director in 1994, before becoming womenswear product designer in 1998.
He joined the board as group product director in 2000, taking on responsibility for all aspects of design, buying, quality and merchandising at Next.
It is not known what Angelides plans to do following his departure from Abercrombie & Fitch and Abercrombie Kids.
He will receive his base salary for 18 months - which equates to $1.5m (£1m) - and an additional cash amount of $4m (£2.7m) related to the forfeiture of his “equity replacement grant”, according to documents filed at the US Securities and Exchange Commission. The filing said Angelides’ employment is to be treated as a termination by the company “without cause” and a spokeswoman declined to comment further.
Fran Horowitz, formerly president of sister brand Hollister, has been promoted to the newly-created role of president and chief merchandising officer for Abercrombie & Fitch, Abercrombie Kids and Hollister. She reports directly to executive chairman Arthur Martinez.
Martinez said: “Abercrombie & Fitch continues to make encouraging progress executing on its strategy to provide compelling, customer-focused shopping experiences based on clearly defined brand positions.
“We are pleased with our performance for the quarter to date and are on track to deliver continued sequential improvement in comparable sales and achieve the profit expectations we had coming into the quarter.”
Net sales were approximately flat on a constant currency basis for the 13 weeks ended October 31, at $878.6m (£591.9m), but down 4% on a reported basis compared to the same period a year ago.
By brand, net sales for the third quarter decreased 6% to $411.3m (£277.1m) for Abercrombie & Fitch and were roughly flat year on year at $467.3m (£314.8m) for Hollister.
Abercrombie & Fitch assembled a new leadership team in August this year as part of a turnaround plan. Angelides was thought to be in the running for the top job at the end of last year, after chief executive Mike Jeffries stepped down in December 2014 with immediate effect.
In April this year, Abercrombie & Fitch and Hollister announced they had axed their policy to hire shop staff based on their physical attractiveness and will allow employees to dress in a more individual style.
Abercrombie & Fitch has one UK store on Savile Row in London and an outlet store in Ashford, Kent, while Hollister has 30 stores across the country and one outlet in Braintree, Essex.