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It makes sense to reward those who perform well at their jobs, and withhold perks from those who don’t — but it seems Abercrombie & Fitch is a little bit confused on that last point. The company, mired in its “aspirational” $90 prices for cargo pants and its ads featuring gamboling half-dressed models, netted only $254,000 last year. So what’d they do? Take away the CEOs exorbitant travel budget. And then pay him more money to not spend money.<\/p>\n
Confused? So are we. CEO Mike Jeffries, dubbed one of five Highest Paid Worst Performers by the Corporate Library in 2008, made $71.8 million in that same year, Time says in a recent story<\/a>. And now the company he runs is flailing, basically breaking even compared to a $273 million profit in 2008. <\/p>\n But according to an April 13 SEC filing, A&F won’t provide unlimited payments to the CEO for his personal travel on the company jet. Instead, his max reimbursal is $200,000. Still seems like a lot, but then again, Jeffries spent $1.3 million on personal travel in 2008.<\/p>\n Here’s the fun part: he’s being paid a lump sum of $4 million to lose that unlimited travel perk and amend his employment contract, which runs through 2013. <\/p>\n So while A&F under-performs in the recession, he’s being paid a pretty penny not to be exorbitant. Seems… exorbitant, no? We’re sure the stock holders will agree.<\/p>\n