{"id":718991,"date":"2010-04-18T13:50:08","date_gmt":"2010-04-18T17:50:08","guid":{"rendered":"tag:consumerist.com,2010:\/\/1.10004670"},"modified":"2010-04-18T13:55:41","modified_gmt":"2010-04-18T17:55:41","slug":"abercrombie-fitch-ceos-perks-include-money-for-not-getting-perks","status":"publish","type":"post","link":"https:\/\/mereja.com\/index\/718991","title":{"rendered":"Abercrombie & Fitch CEO’s Perks Include Money For Not Getting Perks"},"content":{"rendered":"

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It makes sense to reward those who perform well at their jobs, and withhold perks from those who don’t — but it seems Abercrombie & Fitch is a little bit confused on that last point. The company, mired in its “aspirational” $90 prices for cargo pants and its ads featuring gamboling half-dressed models, netted only $254,000 last year. So what’d they do? Take away the CEOs exorbitant travel budget. And then pay him more money to not spend money.<\/p>\n

Confused? So are we. CEO Mike Jeffries, dubbed one of five Highest Paid Worst Performers by the Corporate Library in 2008, made $71.8 million in that same year, Time says in a recent story<\/a>. And now the company he runs is flailing, basically breaking even compared to a $273 million profit in 2008. <\/p>\n

But according to an April 13 SEC filing, A&F won’t provide unlimited payments to the CEO for his personal travel on the company jet. Instead, his max reimbursal is $200,000. Still seems like a lot, but then again, Jeffries spent $1.3 million on personal travel in 2008.<\/p>\n

Here’s the fun part: he’s being paid a lump sum of $4 million to lose that unlimited travel perk and amend his employment contract, which runs through 2013. <\/p>\n

So while A&F under-performs in the recession, he’s being paid a pretty penny not to be exorbitant. Seems… exorbitant, no? We’re sure the stock holders will agree.<\/p>\n

Abercrombie’s CEO Grounded — for $4 Million<\/a> [Time] Thanks to Mary Ann for the tip!<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

It makes sense to reward those who perform well at their jobs, and withhold perks from those who don’t — but it seems Abercrombie & Fitch is a little bit confused on that last point. The company, mired in its “aspirational” $90 prices for cargo pants and its ads featuring gamboling half-dressed models, netted only […]<\/p>\n","protected":false},"author":4410,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4821],"tags":[],"class_list":["post-718991","post","type-post","status-publish","format-standard","hentry","category-news"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9NivD-312D","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts\/718991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/users\/4410"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/comments?post=718991"}],"version-history":[{"count":0,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts\/718991\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/media?parent=718991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/categories?post=718991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/tags?post=718991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}