Bloomberg News

Abercrombie CEO Jeffries’s Pay Shrinks 72% Amid Falling Profit

May 13, 2014

Abercrombie & Fitch Co. (ANF:US) 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.

To contact the reporter on this story: Lindsey Rupp in New York at lrupp2@bloomberg.net

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net Kevin Orland, Niamh Ring


Coke's Big Fat Problem
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • ANF
    (Abercrombie & Fitch Co)
    • $38.39 USD
    • -0.95
    • -2.47%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus