Michael Jeffries, chairman and chief executive officer of Abercrombie & Fitch Co., saw his cash compensation and total pay package go in opposite directions last year.
His cash compensation more than doubled, to $3.8 million from $1.5 million, as his salary remained unchanged at $1.5 million and his cash bonus — nonequity incentive plan compensation — hit $2.3 million based on the teen chain’s strong operating performance last year. He received no bonus for 2009.
Jeffries’ total compensation declined 36 percent to $23.2 million from $36.3 million in 2009 as his option awards fell 57.7 percent to $14.1 million last year versus $33.3 million in the prior year. However, the 2009 package included a retention grant of stock appreciation rights for four million shares which don’t fully vest until the completion of his contract at the end of the 2013 fiscal year. Jeffries received no stock awards in either year.
Because of vesting schedules and fluctuating stock prices, stock and option awards aren’t necessarily realized by the executive officers of public companies, but the Securities and Exchange Commission requires they be reported at “fair market value” for the years in which they’re earned.
Jeffries’ other compensation rose to $4.6 million last year, triple the 2009 level, but $4 million of that amount was in a onetime lump sum payment in exchange for which he agreed to limit his personal use of the company aircraft to $200,000 a year or else reimburse A&F for any additional amounts.
In a strong turnaround last year following a difficult 2009, A&F’s net income hit $150.3 million, versus $300,000 the prior year, as sales grew 18.4 percent to $3.47 billion and same-store sales rose 7 percent. Shares closed Thursday at $69.61, down 6 cents or 0.1 percent.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia