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.
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