Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
Despite a call from investors for Mike Jeffries' resignation as CEO of Abercrombie & Fitch, the brand has extended his contract with some amendments. He'll still get $1.5 million, but they didn't give him a signing bonus. Take that, creepazoid fat-shamer!
This announcement comes less than a week after a major investor in the company, Engaged Capital, called Jeffries' a "major stumbling block to a transaction," or rather possible sale. But Craig Stapleton, lead independent director, explained the decision via press release that "Today's announcement is the result of an extensive review by the board and detailed discussion with shareholders over several months, and the specific terms of Mike's new contract reflect direct feedback from those discussions. The new agreement employs a more simplified, performance-based compensation structure that is design to align incentives closely with the success of the company and the interests of shareholders."
That said, a new CEO is not far off. Abercrombie is beefing up leadership positions at Abercrombie & Fitch, Hollister and Abercrombie in order to identify a possible successor.
· Abercrombie Extends Michael Jeffries' Employment Contract [WWD]
· Abercrombie & Fitch Will Offer Plus-Size This Spring [Racked]
· Abercrombie & Fitch C.E.O. Is Sorry You're Mad [Racked]