Abercrombie & Fitch's controversial chief executive is stepping down. Mike Jeffries announced he will be retiring from leading the teen clothing retailer on Tuesday.

"It has been an honor to lead this extraordinarily talented group of people," Jeffries said in a press release. "I am extremely proud of your accomplishments. I believe now is the right time for new leadership to take the company forward in the next phase of its development."

The decision to retire was made by Jeffries and the board of directors, who is currently searching for the next CEO, sources told Huffington Post. Finding a suitable replacement for the 70-year-old has been high, if not at the top of the board's list of priorities for a while, the source added. Last year, investors called for changes to be made at the managerial top of Abercombie, including Jeffries.

The exec gained notoriety after saying in an interview with Salon in 2006 that his brand was "exclusionary" and was only marketed to the "cool kids."

"We go after the attractive all-American kid with a great attitude and a lot of friends. A lot of people don't belong [in our clothes], and they can't belong. Are we exclusionary? Absolutely," he said.

The quote was picked up again in 2013, going viral online and garnering criticism of the company.

One man, Greg Karber, even said there should be a "brand readjustment" for Abercrombie and handed out their clothing to the homeless.

The clothing company is struggling in the midst of efforts to change its image amid falling sales. The brand has stopped designing its signature logo tees, revamped stores and plans to eliminate underperforming locations. However, these changes have yet to see any real results.

Earlier this year, Jeffries lost his position as chairman of Abercrombie.

Incoming executive chairman Arthur Martinez, praised Jeffries' work with the company.

"It is impossible to overstate Mike Jeffries' extraordinary accomplishments in building Abercrombie & Fitch to the iconic status the brand now enjoys. From a standing start two decades ago, his creativity and imagination were the driving forces behind the company's growth and success," Martinez said.