Abercrombie & Fitch Co. chairman and chief executive officer Michael Jeffries last year had a 39 percent increase in total compensation, to $15.9 million, thanks to a $6 million “stay bonus.”
This story first appeared in the April 13, 2009 issue of WWD. Subscribe Today.
The bonus kicked in when Jeffries, whose contract has been extended to February 2014, remained with the company through Dec. 31. It was part of a total of $6.5 million in nonequity compensation last year, compared with $1.9 million in 2007, according to a regulatory filing with the Securities and Exchange Commission.
Jeffries’ salary was $1.5 million, as in 2007, and his stock-and-option awards were valued at $5.6 million, up from $5.1 million. Stock-and-option awards are reported based on SEC accounting guidelines. The compensation reported in these categories was not necessarily realized because of vesting schedules and falling share prices.
The ceo received other compensation of $2 million, including $1.1 million for personal use of the company-owned aircraft. His 2007 total was $11.4 million.
At Jones Apparel Group Inc., Wesley Card, president and ceo, received compensation of $5.5 million last year, a 36.4 percent increase.
Card’s take included a $1.6 million salary, $86,474 for a rented New York apartment and $10,792 in car services, according to a separate SEC filing. His 2007 salary was $1.3 million.
Most of Card’s pay came in the form of stock awards, which were valued at $3.7 million, up from $2.5 million in 2007.
Chairman Sidney Kimmel drew salary of $1.2 million, unchanged from 2007, and also received $113,425 in car and driver services.