Mike Jeffries
Mike Jeffries was born in United States of America, United States on July 15th, 1944 and is the Business Executive. At the age of 80, Mike Jeffries biography, profession, age, height, weight, eye color, hair color, build, measurements, education, career, dating/affair, family, news updates, and networth are available.
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Michael Stanton Jeffries (born July 15, 1944) is an American businessman.
He was chiefly responsible for the relaunch of Abercrombie & Fitch and strengthening the company's modern brand image, and was CEO until 2014.
Early life
Jeffries grew up in Los Angeles, the son of Donald R. Jeffries, who owned a chain of party supply stores. Jeffries earned an MBA from Columbia Business School in 1968, attending Claremont Men's College and the London School of Economics. Jeffries married Susan Hansen in 1971 and they have a grown son.
Personal life
Jeffries is a "gay man" and lives separate from his wife, according to Salon.com. Jeffries was discovered to be living with his partner, Matthew Smith, and three dogs as of 2013. Smith was the head of the Jeffries Family Office, an Ohio limited liability firm that "advocates for Abercrombie's personal interests." Smith also reviewed internal Abercrombie & Fitch's internal documents and advised on real estate issues. In certain quarters, his involvement with Abercrombie & Fitch was described as an example of poor corporate governance, because he held no formal role in the company. Jeffries was fired as CEO of Abercrombie & Fitch in 2014 because of Smith's presence.
Career
Jeffries joined Abraham & Straus, a now-defunct New York City department store, in 1968. Jeffries worked with Allen Questrom (of J.C. Penney) and Mickey Drexler (the former CEO of Gap Inc., who now works in J.C.) during this period. Crew (Kingston):
Jeffries founded Alcott & Andrews, a company aimed at career women in 1984. The brand was initially popular, but it collapsed into bankruptcy in 1989 due to overexpansion and closing. Jeffries took over as a consultant for Paul Harris, a Midwest clothing chain.
Jeffries was hired by Les Wexner (CEO of LBrands), then named The Limited), in 1992, to revitalize Abercrombie & Fitch. Limited Brands bought the company, which had been established in 1892, shortly after bankruptcy. Jeffries is thought to have been the main designer of the company's new appearance.
Abercrombie & Fitch opened hundreds of new stores by the mid-1990s, as an elite clothing chain for the collegiate. LBrands was no longer invested in the company by 1996 and eventually fell under Jeffries' leadership.
A&F has attracted controversies from diverse groups, including the feminist movement and the American Decency Association, as well as a slew of lawsuits during this period. Jeffries, a vocal businessman, has been quoted in the media making remarks that could be categorized as controversial. "We recruit good-looking people in our shops," the narrator said. Because good-looking people attract other good-looking people, and we want to attract young, healthy people. We don't sell to anyone else than that."
He earned over $25 million USD with a "stay bonus" of US$6 million, down from $12 million after a controversy surrounding his "excessive compensation" caused by a scandal. After reviewing 2,000 US companies, the Corporate Library named Jeffries as the "Top Paid Worst Performer" of 2008, after he was awarded a compensation package valued at $71.8 million. After the company announced same store sales losses for 17 months in a row, Jeffries refused to lower prices or offer discounts at Abercrombie & Fitch stores during the retail slump until September 2009. Jeffries' employment deal was set to end on December 31, 2008. A&F corporation announced on December 22, 2008 that it had been renewed. It came to an end on February 22, 2014.
After a 2008 sellout due to the financial crisis that sparked economic growth, revenues in 2011 rebounded. His total compensation in 2011 was expected to be $46,609,075, the bulk of which was in the form of stock options.
Jeffries owned around 29% of the company's stock as of 2012, making it impossible to remove without his permission. Should he lose his career due to an ownership change, his new deal called for a refund of over a billion dollars.
Jeffries was linked to a new deal with A&F that would tie his salary to company results, according to a statement on December 9, 2013. Jeffries was also named the worst CEO of 2013. Greenberg pointed out that the Abercrombie and Fitch share price had dropped by 40% in the year. This was after CNBC's Jim Cramer had previously referred Jeffries to his "Wall of Shame" series.
Jeffries was once one of the best-paid CEOs in industry, but his salary dropped by 76% in 2013. In the fiscal year of 2013, which ended February 1, his total compensation was $2.24 million. That was down from $8.16 million in the previous year and $48.1 million before that.
Jeffries resigned as A&F CEO on December 9, 2014, after widespread skepticism of the company's results and 11 quarters of negative company comparable-store sales. The shares soared 8.9% after the move was revealed, marking the biggest one-day increase in more than nine months.