Pursuits
Abercrombie CEO Gets New Contract Amid Investor Dissent
This article is for subscribers only.
Abercrombie & Fitch Co. Chief Executive Officer Mike Jeffries got a new contract with the teen-apparel retailer amid weakening earnings and a shareholder’s call for him to be replaced.
The new agreement, which goes into effect after Jeffries’s current pact expires on Feb. 1, pays a base salary of $1.5 million a year, the same as his current contract, while boosting his annual bonuses to as much as $4.5 million from as much as $3.6 million, the company said in a filing today. The new plan awards him long-term incentive awards at a target value of $6 million and also caps Jeffries’s access to the company’s aircraft at as much as $200,000 in personal travel.