Abercrombie CEO compensation more than doubled

New York City Michael S. Jeffries, the chairman and CEO of Abercrombie & Fitch Co., received compensation in 2008 valued at nearly $23.2 million, more than double his compensation from a year earlier.

The boost reflected a hefty bonus tied to his previous contract and stock appreciation rights related to a new contract, according to an Associated Press analysis of a regulatory filing.

Jeffries received a base salary of $1.5 million and a performance-based bonus of $6.5 million, according to an annual report filed Friday with the Securities and Exchange Commission.

The bonus more than tripled the $1.9 million bonus he received a year earlier, mainly because he earned a $6 million "stay bonus" for serving as chairman and CEO through Dec. 31, 2008, and because earnings per share rose 13.5% during the four fiscal years ended Dec. 31, 2008. That bonus is tied to his previous employment agreement, dated Aug. 15, 2005, which was set to end Dec. 31.

On Dec. 19, 2008, he signed a new agreement that expires on Feb. 11, 2014. Jeffries is the only employee with a formal written employment contract, the company said.

Abercrombie & Fitch Co., which has been struggling in the economic downturn, said Thursday its same-store sales dropped 34% in March. The chain said overall sales fell 29% and direct-to-consumer sales fell 23%.