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Abercrombie CEO pay drops 72% on falling profits
New Albany, Ohio -- Abercrombie & Fitch Co. CEO Michael Jeffries saw his pay shrink 72% in 2013, according to a filing by the company on Tuesday.
The teen retailer has recorded declining sales and profits, and Jeffries has come under fire. His total compensation last year was $2.24 million, down from $8.16 million in the previous year and $48.1 million in Abercrombie’s fiscal 2011. He was paid more than $20 million a year in the three years before that, according to the report.
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Report: Kohl's CEO planning a management shakeup
Menomonee Falls, Wis. -- Kohl’s Corp. CEO Kevin Mansell is said to be seeking a new chief merchandising officer who would be next in line to take the CEO reins.
A report by the Wall Street Journal, citing unnamed sources, suggested that Mansell is scouting for a new chief merchant to not only take the merchandising lead for the discount department store chain but also to serve as the key player in a potential succession plan. The chief merchant slot has been vacant since the departure of Donald Brennan last March.