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.
Julep Beauty redefines subscription box
Julep Beauty has unveiled its first fully customizable monthly beauty box subscription. Beginning this month, subscribers to the Julep Maven service can create their own personalized mix of products for their boxes, choosing from among 2 million possible combinations of full-size beauty products and limited-batch nail polishes.
Julep is redefining the notion of "subscription" where customers sign up, give up their credit cards and receive a selection of products each month chosen per the brand’s schedule. Julep is enabling customers to choose exactly which products they’d like to receive in their subscription boxes. Subscribers will be able to choose from innovative new products or Julep bestsellers, discovering the latest in skincare, color cosmetics and nail colors.
"We want women to engage with us each month," said Jane Park, CEO and founder of Julep. "With this new service, we’re bringing the beauty counter experience to our community of Maven subscribers; letting them actively engage in product selection so they receive exactly the combination of monthly products that works for them."
During a window of five days every month, Maven subscribers are invited to view the newest products, discuss on Julep’s active social communities online, and then make their own personalized selection of products for inclusion in their boxes. This engagement subscription model lets shoppers come together at "a moment in time" to share their opinions and feedback.
"For beauty enthusiasts, the monthly Maven window is like the lead up to the Oscars," said Park. "It’s a time when our community comes together, posts questions and comments on Facebook, reaches out to others on Twitter, Instagram and YouTube, and makes and changes their selections in real-time, in part based on what they learn from us and each other. We’re only able to do this because we’re a full-stack beauty company. Since we own the entire customer experience from product development through to fulfillment, we can let customers choose from the more than 300 new products we launch every year, including the best of what we’ve launched to date."
"Julep has always been a company using the power the Web to revolutionize retail, combining the Web’s ability to enable 1:1 personalization with proprietary insights into the latest beauty trends," said Jason Stoffer, partner at Maveron, an investor in Julep. "Julep is the first e-commerce company to offer a fully customizable monthly subscription box, combining innovation in real-time distribution, personalization, and social engagement together to offer a totally new type of subscription service that blows the old ‘set-it-and-forget-it’ model out of the water."
JDA Software seeks new CEO
JDA Software Group, a leading global supply chain planning and execution solutions provider, has appointed Baljit (Bal) Dail, a technology executive who has served as JDA’s chairman since May 2013, as interim CEO, effective immediately, replacing Hamish Brewer, who is leaving the company.
Dail will lead the search for a permanent successor to lead the company in the next phase of its strategic growth plan.
Dail has previously served as CEO of both Aon Hewitt and Aon Consulting, and as chief information officer of Aon Corporation. He also was a partner at McKinsey & Company focused on the high-tech sector, and is currently an operating partner at New Mountain Capital. He started his career in the technology group at Marks & Spencer, a leading retailer in the United Kingdom.
“As the leader in supply chain, JDA already has the broadest and most advanced suite of solutions and services covering supply chain planning and execution,” said Dail. “Our intention now is to build on this leadership position by accelerating investments in our solution and delivery capabilities to empower our customers to stay ahead of the curve in an ever-challenging and increasingly complex global supply chain environment. We appreciate Hamish’s leadership through a significant period of growth and success for JDA. On behalf of JDA’s board of directors, shareholders and associates, I would like to thank him for his significant contributions throughout his two decades of service to the company.”
“I am proud of the company we built during the 20 years I have been with JDA,” said Brewer. “I am confident that JDA will only continue to strengthen its position as the leader in supply chain solutions and services.”