May 27 (Bloomberg) — Michael S. Jeffries, the Abercrombie & Fitch Co. chief executive officer who was paid $48.1 million in 2011, got 95 percent less last year after the company's board tried to placate shareholders who twice slammed its executive pay structure.
Abercrombie is one of 11 companies in the Russell 3000 Index that failed to win majority shareholder support for pay practices in non-binding votes for their two most recent fiscal years, according to data compiled by Bloomberg.
"The board has repeatedly granted excessive CEO compensation despite the company's poor operating and share price performance," Denise L. Nappier, the treasurer of the state of Connecticut, wrote in a resolution to be voted on at Abercrombie's annual shareholder meeting in June.
Shareholders also signaled majority disapproval of pay packages in the two most recent votes at closeout retailer Big Lots Inc. and enterprise software supplier Oracle Corp., the data show.
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.
