Abercrombie CEO pay drops 72% on falling profits

New Albany, Ohio -- Abercrombie & Fitch Co. CEO Michael Jeffries saw his pay shrink 72% in 2013, according to a filing by the company on Tuesday.

The teen retailer has recorded declining sales and profits, and Jeffries has come under fire. His total compensation last year was $2.24 million, down from $8.16 million in the previous year and $48.1 million in Abercrombie’s fiscal 2011. He was paid more than $20 million a year in the three years before that, according to the report.  

Earlier in 2014, Abercrombie stripped Jeffries of his chairman role, created a new COO job and named four new independent directors to its board as part of a deal with investor Engaged Capital.

 

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