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Abercrombie settles proxy fight with Engaged

Abercrombie settles proxy fight with Engaged Capital, to nominate 4 new independent directors

Associated Press

NEW YORK (AP) -- Abercrombie & Fitch has settled a proxy dispute with investment group Engaged Capital.

Abercrombie said four incumbent board members have indicated they will not stand for reelection to the company's annual meeting and it will nominate four new independent director candidates to the board. It used a third-party search firm to help it find independent directors.

Engaged, which has a less than 1 percent stake in the company, has withdrawn its slate of five directors it had initially nominated and will vote for Abercrombie's slate.

Previously Engaged called for the resignation of longtime company CEO Mike Jeffries.

With the changes there will be 12 directors, including 11 independent ones.