Abercrombie CEO to Be Paid $4 Million to Make Fewer Personal Trips on the Company’s Private Jet

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Photo: Patrick McMullan

Abercrombie has been called many things this year — "broken," "stale," one of the worst companies around today. But perhaps the word journalists and analysts have been looking for all along was wasteful, because for one, CEO Mike Jeffries cost the company $1.1 million on personal travel alone for use of the private Abercrombie jet in 2008.

His 2009 plane expenditures — for personal travel alone — haven't been revealed yet. However, the company has agreed to pay him a lump sum of $4 million for limiting his use on the jet to $200,000 worth of personal travel. If he goes over, he must reimburse the company. This deal might be worth it for Abercrombie, since Jeffries's contract runs through 2014 and he was previously allowed unlimited personal use of the jet. He must sure enjoy his flights. What do they have on the Abercrombie jet, anyway? Naked people riding elephants?

CLEARING THE AIR [WWD]