Abercrombie & Fitch has been criticized as a company that has refused to heed economic indicators and, as a result, plummeted in sales. The blame is placed on its chairman and CEO Mike Jeffries, who in 2008 received $71.8 million in total compensation — making him one of the five Highest Paid Worst Performers of 2008 by the Corporate Library. Now, it is alleged that he will receive $4 million to simply stop unlimited use of the corporate jet and travel budget. In 2008, his travel budget cost the company $1.3 million.
According to this article, after he agreed to limit his personal travel at $200,000, he will be given a $4 million lump sum for amending his contract and eliminating this perk.
Next time I pay another $90 for a skimpy shirt for one of my nieces at Abercrombie and Fitch. I can at least feel better that it will go to support Jeffries’ travel needs.
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23 thoughts on “Abercrummy and Filch: One of the Country’s Highest Paid, Worst Performing CEOs Receives Millions for Giving Up Unlimited Use of Corporate Jet”
No need for a contract, I will grant a franchise to sell my T-Bags for 10% of bag sales. Payable up front when you order. Let me know how many you want. I can give a discount for 5 or more bags.
You may as well make money on the Tea Partiers while you can.
I thought Blouise’s idea was good but it might be deemed insulting so I am not going to incorporate a “blue” pill pouch in the bag. Although I may incorporate a red pill pouch just in case.
I’d like to incorporate to act as an exclusive seller. I’m working out the IPO….can you draft a kazzillion page contract and I’ll add the tax write-off to my current sorry return…
I’m sure it will be mutually beneficial because I’LL BE GETTING SO MUCH IT CAN”T HELP BUT MAKE YOU HAPPY!!!!!!!!!!!
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