Abercrombie & Fitch Co. CEO Mike Jeffries is ceding some control over the company and will allow previously verboten changes such as black-colored clothes, brighter store lighting and logo-less items. Jeffries lost his chairmanship as profit dropped 77% last year, and he has named a chief operating officer and plans to appoint two presidents soon. "This company is very sound. Its customer is changing, and we're ready to change with her and him," Jeffries said.

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