Christos Angelides missed out on the top job at Abercrombie & Fitch Co., but it’s hard to say he really lost.
Angelides was brand president of Abercrombie & Fitch and Abercrombie kids until December, when he was terminated without cause. He left as Fran Horowitz, Hollister brand president, was named president of the whole company, as well as chief merchandising officer.
Angelides received severance of $5.5 million, which boosted his total compensation from the company to $8.5 million last year, including a salary of $903,154 and stock awards and options valued at $2.1 million, although he might not realize that amount, given vesting schedules and changes to the price of the company’s shares.
Angelides was the most highly paid executive at Abercrombie last year, according to a filing with the Securities and Exchange Commission. He also received compensation of $9.4 million for 2014, mostly in the form of stock options, giving him compensation of $18 million for the 14 months.
Horowitz’s pay for 2015 totaled $4.8 million, including stock awards and options valued at $2.1 million and incentive pay of $1.7 million.
Both Angelides and Horowitz joined the company in October and were seen as contenders for the top job since Michael Jeffries exited as chief executive officer. The company is run by executive chairman Arthur Martinez.
Abercrombie’s chief operating officer, Jonathan Ramsden, saw compensation double from the prior year, to $6.1 million, with stock awards and options valued at $4 million and incentive pay of $1 million.
The firm has been changing dramatically, closing stores and refocusing brands as management gets reshuffled.
Chief financial officer Joanne Crevoiserat told investors last month that “there is much work ahead. While we expect the environment to remain challenging, we are encouraged by our progress and believe that the many changes we are making will allow us to realize the full potential of our brand.”
The company is looking for flat to slightly positive comparable sales this year, with continued headwinds from foreign currency and a passing hit from the closure of Hollister stores for remodeling.