American Eagle's CEO Resigns Amid Teen Retailers Losing Core Market

American Eagle CEO Robert Hanson has resigned, effective immediately.

For now, board chairman Jay Schottenstein will serve as interim CEO, the company said in a news release.

Hanson was considered to be a rising star in the retail industry. Before joining American Eagle, he worked for Levi's.

It's been a tough year for American Eagle and other teen retail competitors like Abercrombie & Fitch and Aeropostale.

The companies have struggled with slowing sales amid competition from fast-fashion chains like Forever 21.

American Eagle recently announced that holiday sales plunged 7% this year.

The company's shares are down 4% in after-hours trading.