New CEO set to take reins of American Eagle Outfitters

New York City -- As was previously announced, American Eagle Outfitters Inc. longtime chief executive James O'Donnell will step down Saturday and be replaced by former Levi's executive Robert Hanson.

O'Donnell, 70, said early last year he planned to retire. Hanson was named as his successor in November.

In addition, Jay Schottenstein, non-executive chairman, has become executive chairman.