Abercrombie & Fitch’s CEO compensation package down 38%
New York City — The chairman and CEO of Abercrombie & Fitch Co. received a pay package worth $22.5 million, down 38% from last year, mostly because of a reduction in option awards, according to an analysis by The Associated Press.
Jeffries, 66, received a base salary of $1.5 million and a performance-based bonus of $2.3 million, according to a filing with the Securities and Exchange Commission.
He received option awards worth $14.1 million on the date they were granted, down 58% from the prior year.
He also received other compensation worth $4.6 million, including a previously disclosed $4 million payment for eliminating unlimited personal use of the company aircraft. If Jeffries terminates his contract without good reason, he’ll have to repay part of the $4 million.
Best Buy CEO’s pay package falls 51%
New York City — The CEO of Best Buy received a pay package worth about $5 million in the most recent fiscal year, half what he got the year before, according to a document the company filed Friday with the Securities and Exchange Commission, the Associated Press said.
Brian Dunn, 50, received a base salary of $1 million and a performance-based bonus of $746,667, down 75% from his performance based bonus the year before. Dunn received option awards valued at $3.2 million when they were granted, down 48%.
The company said its worse-than-expected performance led to lower performance-based bonuses for top executives, including Dunn.
Dunn received other compensation worth $15,168, including contributions to his retirement plan, insurance premiums and a tax services reimbursement.
The Associated Press formula calculates an executive’s total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission.
Tesco acquires 80% stake in video streaming business
New York City — Tesco announced that it has acquired a majority stake in video-on-demand pioneer Blinkbox. The acquisition positions Tesco for the next stage in the Internet-driven revolution in home entertainment, the retailer said.
Blinkbox is the United Kingdom’s leading movie streaming service, offering thousands of titles streamed on the Internet.
Tesco has bought an 80% stake in Blinkbox from Eden Ventures and Nordic Venture Partners.
Richard Brasher, Tesco UK CEO said, "Whether customers want to own the DVD, download a digital movie, stream a rental or all three, Tesco is committed to giving customers choice. We want to allow them to decide how they access entertainment content and on which devices, whether it’s on PC, TV or tablet. The acquisition of blinkbox, together with a range of other services currently in development, means we can link physical purchase of a product to the building of digital collections in a new and seamless way.