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JEFFRIES’ PAY PULLBACK: Abercrombie & Fitch Co. chief Michael Jeffries’ reported compensation dropped nearly $40 million last year even though the cash portion of his pay package rose nearly 20 percent, according to the company’s definitive proxy filed Thursday with the Securities and Exchange Commission. Jeffries, chairman and chief executive officer of A&F, received total compensation of $8.2 million last year, down from the $48.1 million, pumped up by $43.2 million in option awards, reported for 2011.
Expanded by an extra week in the 2012 fiscal year, his salary rose 1.9 percent to just over $1.5 million, and his cash bonus, principally a function of the company’s spring and fall operating profits, rose 45.8 percent to $1.7 million. With other compensation up 11.3 percent to $801,000, the cash portion of his pay was $4.1 million, up 19.2 percent from $3.4 million in 2011.
The ceo received no option awards last year, versus the $43.2 million reported at grant date fair value in 2011. As in 2011, he received no stock awards in 2012. About half of his reported income last year — $4.1 million — came from the accounting measure of change in pension value and nonqualified deferred compensation, up from $1.5 million in the prior year. Because of vesting schedules and fluctuating stock prices, stock and option awards won’t necessarily be realized by those reported as receiving them.
Jeffries’ current contract expires at the end of A&F’s current fiscal year, on Feb. 1, 2014.
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