Abercrombie & Fitch is reworking its contract with Chairman and CEO Michael Jeffries, tying his compensation more closely with company performance.
Jeffries helped establish the company's reputation after arriving in the 1980s, but Abercrombie has struggled recently and Jeffries came under withering fire for comments relating to the type of customer he wants in his store and the fact that the store does not offer plus sizes.
Shares are down 30 percent this year, but almost all teen retailers are under pressure.
Just last week, Engaged Capital, which owns 400,000 shares, sent a letter to the company demanding that Jeffries be replaced. Engaged said Monday that it believes the company's "perennial underperformance is a result of a failure of leadership" and urged the board to put new leadership in place.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
