So Abercrombie & Fitch CEO Mike “Gary Busey Is My Spirit Animal” Jeffries doesn’t want to sell XL or XXL sizes for women? That’s fine. But his investors are also against extra large things, in the form of a shareholder vote against the company’s proposed extra large pay package it wanted to give Jeffries.
Buzzfeed reports on a June 21 regulatory filing that showed that more than 75% of the shares voted were against the executive pay packages, with only 19% supporting them. That’s a dip from last year, when 23.& were in favor of the program.
The thing is that the voting is non-binding, which means A&F could — and likely still will — compensate its executives as it sees fit.
Jeffries earned around $8.16 million in the fiscal 2012, and it would appear that investors are increasingly miffed about executives cashing in in such a big way.
Abercrombie “has been deficient in aligning pay with performance,” Glass Lewis analysts said in the report ahead of last week’s meeting, noting that certain equity awards are linked to short-term performance. “A properly structured pay program should motivate executives to drive corporate performance, thus aligning executive and long-term shareholder interests. In this case, the company has not implemented such a program.”
Jeffries isn’t alone on his gilded pay throne — Glass Lewis also included him on the list of the 25 most overpaid S&P 500 executives in the past three years.