US: Abercrombie & Fitch CEO in US$4m plane deal
Abercrombie & Fitch CEO Mike Jeffries is to receive a US$4m lump sum in a deal designed to limit his personal use of the company jet.
According to the agreement revealed in an SEC filing by the company, he will have to pay part of the money back if his use of the aircraft exceeds $200,000 in any fiscal year.
He will also have to pay back part of the money, on a sliding scale, if he leaves the company “without good reason” in the next four years.
According to earlier filings, Jeffries’ use of the company plane was valued at $1.1m in 2009, and nearly $780,000 the year before.
His total compensation package for 2009 totalled just over $23m, with bonuses and other perks more than doubling his income from the previous year.
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