Abercrombie CEO paid $36.3 million in 2009
New Albany, Ohio Abercrombie & Fitch Co. CEO Michael Jeffries received compensation in 2009 of $36.3 million, up from $23.2 million a year ago, even as the company's performance declined.
Jeffries earned a salary of $1.5 million and $33.3 million in options awards. His pay package also included nearly $640,000 for personal use of the corporate jet and $170,000 to cover taxes related to the airplane usage. He was also paid roughly $120,000 for personal security.
Earlier this year, Abercrombie amended its employment agreement with Jeffries to restrict his personal use of the corporate jet to $200,000 per year. The retailer paid Jeffries $4 million in exchange for the agreement.
Abercrombie & Fitch has struggled during the recession. Sales for the 12 months ended Jan. 30 fell 16% to $2.9 billion. During that same time, net income fell to $254,000, down from $272.3 million in the prior year.