Abercrombie CEO Jeffries’s Pay Drops 72% as Profit Falls
Abercrombie & Fitch Co. (ANF) Chief Executive Officer Michael Jeffries saw his pay shrink 72 percent last year as the teen retailer’s sales and profit fell.
Total compensation for Jeffries was $2.24 million in the company’s fiscal 2013, which ended Feb. 1, the New Albany, Ohio-based company said today in a filing. That’s down from $8.16 million in the previous year and $48.1 million in Abercrombie’s fiscal 2011. He was paid more than $20 million a year in the three years before that as well.
Jeffries, 69, has come under fire as the Abercrombie and Hollister clothing lines lost momentum with teenage shoppers, leading to a 77 percent profit decline in the company’s most recent fiscal year. Abercrombie this year stripped Jeffries of his chairman role, created a new chief operating officer job and named four new independent directors to its board as part of a deal with investor Engaged Capital LLC.
Abercrombie rose 0.5 percent to $38.52 at 9:53 a.m. in New York. The shares slid 29 percent in the 12 months through yesterday, compared with a 16 percent gain for the Standard & Poor’s 500 Index.
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