US: Abercrombie & Fitch reworks CEO contract
Abercrombie & Fitch has entered into a new and restructured employment agreement with Jeffries
Abercrombie & Fitch has reworked its contract with CEO Michael Jeffries to see his compensation paid in line with company performance.
The US apparel retailer today (9 December) said it has entered into a new and restructured employment agreement with Jeffries, which will take effect once his current agreement expires on 1 February.
It will involve a "more simplified, performance-based compensation" structure, the firm said, designed to "align incentives closely with the success of the company and the interests of shareholders".
Last week, Abercrombie & Fitch shareholder, Engaged Capital, urged the teen apparel retailer to replace Jeffries when his contract expires. The call from the investor came after the group reported a third-quarter loss on a double-digit drop in sales last month.
"Today's announcement is the result of an extensive review by the board and detailed discussion with shareholders over several months, and the specific terms of Mike's new contract reflect direct feedback from those discussions," said Craig Stapleton, lead independent director of the board.
"Mike is a visionary in this industry and has been responsible for reinventing, creating and evolving today's Abercrombie & Fitch and Hollister brands. We believe he is the right person to embark on this plan, which we believe will deliver substantial and sustainable value."
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