Abercrombie CEO Jeffries takes 72% pay cut

Abercrombie & Fitch's (NYSE: ANF) CEO Michael Jeffries took a 72 percent pay cut in 2013 amid sluggish sales and missed targets at the teen retailer.

Total compensation for Jeffries was $2.24 million in the company's fiscal 2013, which ended February 1, according to a regulatory filing Tuesday. That's down from $8.16 million in the previous year and $48.1 million in Abercrombie's fiscal 2011.

Jeffries, who has served as Abercrombie's CEO since 1992, has come under fire for controversial comments about the kind of customers he wants at Abercrombie. His remarks have been a pain point for the company and hurt the brand's reputation among consumers. In a 2006 interview with Salon, he said that Abercrombie's business was built around physical appearance.

"It's almost everything. That's why we hire good-looking people in our stores. Because good-looking people attract other good-looking people, and we want to market to cool, good-looking people. We don't market to anyone other than that," Jeffries said.

In January, the teen retailer stripped Jeffries of his chairman title and announced "significant changes" to the board of directors in response to shareholder concerns. Arthur Martinez, previously CEO of Sears, Roebuck & Co. replaced him as non-executive chairman.

Abercrombie renewed an employment contract with Jeffries in December, despite the objections of shareholders who publicly urged the teen retailer to replace him. Investment firm Engaged Capital made the recommendation as Abercrombie's profit plunged 77 percent last year amid more competition from fast-fashion brands like Forever 21 and H&M.

For more:
-See this Wall Street Journal article

Related stories:
Abercrombie CEO Mike Jeffries replaced as chairman by former Sears CEO, Arthur Martinez
Abercrombie & Fitch shareholder: It's time for a new CEO
Abercrombie & Fitch renews CEO contract amid investor dissent
Is Abercrombie & Fitch ready to let go of its (mildly) aging shoppers?
Abercrombie discourages associates from wearing black

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