Sponsors
Billabong ▲ +0.005 | PPR ▼ -2.80 | American Apparel ▲ +0.03 | The Buckle ▲ +0.01 | Columbia ▼ -0.45 | Deckers Outdoor ▲ +1.15 | Dicks ▲ +0.58 | Foot Locker ▲ +1.55 | Genesco ▲ +2.71 | Iconix Brand Group ▲ +0.39 | Jarden Corp ▲ +0.48 | Nordstrom ▲ +0.52 | Luxottica ▼ -0.13 | Nike ▲ +0.35 | Pacific Sunwear ▲ +0.01 | Skullcandy ▲ +0.01 | Sport Chalet - 0 | Urban Outfitters ▲ +0.53 | VF Corp ▲ +0.35 | Quiksilver ▼ 0.00 | Zumiez ▲ +0.50 | Macys ▲ +1.07 | Tillys ▼ -0.02 |
Ticker Sponsor
Professional Services
Friedman Stroffe & Gerard, P.C.

FSG’s Action Sports Practice Group provides legal services to the action sports industry. Our clients include surfers, skiers, snowboarders and skaters, as well as sponsors and leading apparel companies. Our attorneys serve in positions with industry organizations such as the Association of Surfing Professionals. We know your business and can provide full-service legal solutions to meet your organizational needs.

More Professional Services...
Readers Say
Always a good daily read
Always a good daily read

Shop-Eat-Surf creates a good source of timely information about the industry. The site makes all types and size companies feel part of a community where everyone is stoked to hear about other companies successes and ideas. It is always a good daily read.

- By Ted Li, VP of North America, Oakley
It pertains to my business
It pertains to my business

I’m an avid reader of Shop-Eat-Surf because it’s really the only online newsletter that I have found that is not only industry related, but also because it’s not so “guy-centric.” I find that a lot of the information I read on the site pertains to my business (as a swimwear designer) and keeps me up to date on what other companies and other women in the industry in general are doing which is not only inspiring but also helps me gauge the future direction of my business as well.

I feel privileged to read the Executive Edition because I know I am getting insider industry information before it hits the mainstream media channels. And it’s always good to know what my friends are up to in the industry.

- By Monica Wise, Founder, L*Space
Industry Insight

CURVEXPO: Recap of the swimwear & lingerie show in Las Vegas.

SIMA: Save the Date invitation for Humanitarian Fund's STOKES ME Bowl-a-rama on Sept. 16.

Details on Industry Insight.


Tiffany Montgomery
Print This Article

Abercrombie CEO gets big money to limit personal jet perk

By Tiffany Montgomery
April 13, 2010 1:52 PM

Abercrombie & Fitch will now longer allow CEO Mike Jeffries to use the company aircraft as much as he wants for personal trips.

Now, Jeffries will have to pick up the tab for any personal use that exceeds $200,000.

In addition, the company will no longer pick up the tax tab for Jeffries personal plane privileges.

Don’t shed any tears for Jeffries, however. The company will pay him a lump sum of $4 million to make up for the new airplane restrictions. He’ll have to pay back a portion of the $4 million if he leaves without good reason before his contract expires in 2014.

Last year, I wrote a series of stories about executive compensation, and Jeffries’ lavish perks, salary and bonus stood out, as did the board's effusive words of praise for his “visionary” leadership.

While Jeffries did reinvent the company, he has not effectively managed the recession. He has flip-flopped completely on his “discounting hurts brand equity” philosophy and the company’s same store sales in 2009 were some of the worst in the retail industry.

In fiscal 2009, company same store sales fell 23%. Total sales declined 15.9% to $2.9 billion. Net income plunged 99% to $0.3 million.

Abercrombie owns industry competitor Hollister, in addition to the Abercrombie & Fitch, Abercrombie and Gilly Hicks chains.

 


Articles You Might Have Missed