Abercrombie CEO Takes Massive Pay Cut After Weak Year [Fashionista]
(Fashionista Via Acquire Media NewsEdge) Michael Loccisano/FilmMagic for Paul Wilmot Communications/ Getty Images
Teen retailers aren't raking in the cash right now, and as it turns out, neither are some of their execs. In light of Abercrombie & Fitch's 77 percent profit decline in 2013, CEO Michael Jeffries took a pay cut of just over 72 percent for the year.
According to a new filing posted today, Jeffries received $2,244,766 in total compensation for 2013, with a base salary of $1,500,000. That's down from $8,160,373 in 2012 and $48,069,473 in 2011. So although the biggest blow to his paycheck took place in 2012, it's still a pretty massive cut. By comparison, COO and CFO Jonathan Ramsden received $3,670,751 in compensation this year, down from $4,746,287 in 2012.
This hasn't been an easy year for Jeffries thanks to lagging sales and his controversial statement that Abercrombie is a brand only meant for "cool, good-looking people" (hello, backlash). In December, Abercrombie investor Engaged Capital called for the company to replace the CEO when his contract expired in February 2014, resulting in an immediate bump in stock prices. Ultimately, Jeffries's contact was extended to February of 2015.
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