NEW YORK (AP) -- American Eagle Outfitters Inc. CEO James O'Donnell will step down Saturday in a move that was expected and be replaced by former Levi's executive Robert Hanson.
Longtime chief O'Donnell, 70, said early last year he planned to retire. Hanson was named as his successor in November after a lengthy search.
In a filing with the Securities and Exchange Commission on Friday, American Eagle said O'Donnell will receive a variety of payouts and will serve as a consultant to the Pittsburgh company until Feb. 2, 2013. He'll be paid between $552,500 and $2.21 million for consulting services.
In addition, Jay Schottenstein, non-executive chairman, has become executive chairman. He will receive an annual base salary of $500,000 plus an incentive bonus of up to 200 percent of his base salary and a stock grant.
Shares of American Eagle Outfitters rose 6 cents to $13.87 in morning trading.