Troubled clothing line Abercrombie & Fitch announced its controversial chief executive officer Mike Jeffries is retiring.

The company board of directors and Jeffries made the decision, according to a statement, and they are on a hunt for the next chief executive.

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The 70-year-old Jeffries said it has been an honor to lead an extraordinarily talented group of people, in a press release on Tuesday morning.

"I am extremely proud of your accomplishments," he said, adding he believes now is the right time for new leadership to take the teen fashion house in the next phase of its development.

In a 2006 interview with Salon, Jeffries said Abercrombie and Fitch was "exclusionary" and that it only targeted "cool kids," comments which drew flak in the media.

He said a lot of people do not belong in A&F clothes, stressing "Are we exclusionary? Absolutely."

Jeffries' quote made the rounds again last year and went viral on the Internet as many scored the company for its bias. 

After making it as a hot teen clothing brand in the 1990's and 200's, the fashion line is struggling to shore up tumbling sales.

In an effort to turn around its fortune, A&F has taken its signature logo T-shirts out of shelves, gave stores a new look and sought to close outlets performing below par.

The company said are no plans to abandon the turnaround efforts that are already in place.

Jeffries already lost his job as company chairman earlier this year.

In a statement released on Tuesday, Arthur Martinez, A&F's current non-executive chairman and incoming executive chairman, was all praises with Jeffries' performance as chief executive.

He said it is impossible to overstate Jeffries' extraordinary efforts in building Abercrombie & Fitch to an iconic clothing line.

Martinez added that from a standing start two decades ago, Jeffries' creativity and imagination were the driving forces behind the company's growth and success. 

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