Abercrombie's CEO Took A Massive Pay Cut

Abercrombie CEO Michael Jeffries took a 72% pay cut last year.

The controversial executive was paid $US2.23 million in fiscal year 2013, compared with $US8.16 million the year before, writes Lindsey Rupp at Bloomberg News. The fiscal year ended in February.

In 2011, Jeffries was paid a whopping $US48.1 million.

The longtime CEO is credited with putting Abercrombie & Fitch on the map as a desirable brand for teens more than a decade ago.

But Abercrombie’s profit plunged 77% last year amid more competition from fast-fashion brands like Forever 21 and H&M.

Jeffries, 69, has been criticised for making comments about the kind of customers he wants at Abercrombie. He was also stripped of his chairman role this year.

His ideals are thought to be the reason Abercrombie doesn’t offer clothing for plus-size women.

In a 2006 interview with Salon, he said that his business was built around sex appeal.

“It’s almost everything. That’s why we hire good-looking people in our stores. Because good-looking people attract other good-looking people, and we want to market to cool, good-looking people. We don’t market to anyone other than that,” Jeffries said.

Jeffries has recently said that the brand will start offering plus-size clothing.

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