Engaged, which owns about 0.6% of Abercrombie's shares, started calling for Jeffries' ouster in December, blaming the micromanaging CEO for Abercrombie's out-of-touch fashions, falling sales, and missed buyout opportunities. The hedge fund, founded and run by Glenn Welling, has criticized Abercrombie's board for failing to ensure the company has a succession plan. Jeffries, considered Abercrombie's modern-day founder, has led the retailer since 1992 and has reportedly fired all of his potential replacements.