President of Levi Strauss Will Retire

Peter Jacobi, president and chief operating officer of Levi Strauss & Co., announced his retirement, saying it was time for him to step aside as the company struggles to recapture the youth market. Levi Strauss will search outside the company for his successor, spokesman Gavin Power said. In the last two years, the maker of Levi’s jeans, Dockers pants and Slate dress slacks has closed North American plants and fired workers to cut costs and stay competitive as it fell out of favor with young consumers. Jacobi joined Levi in 1970 as a production assistant; he became president in 1996. Levi’s sales fell to $6.9 billion in 1997, down from $7.1 billion in 1996, as teenagers began shunning its classic five-pocket bluejeans for baggier styles by rival apparel makers. Last year, the company launched new ad campaigns with one main goal: persuading 15-to-24-year-olds to buy Levi’s. San Francisco-based Levi Strauss is one of the oldest privately run companies in the United States.