Mike Jeffries (CEO)

Michael S. Jeffries
Born	July 15, 1944 (1944-07-15) (age 67) unknown Raised in Los Angeles, California
Occupation	Chairman and Chief Executive Officer of Abercrombie & Fitch
Years active	1992 to present
Political party	Republican

Michael S. Jeffries (born July 15, 1944), is the Chairman and Chief Executive Officer of Abercrombie & Fitch Co.

Early life

Michael S. Jeffries was born in 1944, and grew up in Los Angeles, California where his father owned a chain of party supply stores. By the age of 12 his father was allowing him to choose the merchandise for the stores' toy departments. After high school, Jeffries attended Columbia Business School and received his MBA. In 1968, Jeffries joined the management training program at Abraham & Straus, a now-defunct New York department store. During this time Jeffries worked along with Allen Questrom (of J.C. Penney) and Millard S. Drexler (the previous CEO of Gap Inc., who now works at J. Crew).^[1]

In 1984, Mike Jeffries founded Alcott & Andrews, a brand targeted at career women. The brand was initially successful, although in 1989 it fell into bankruptcy due to over-expansion, and closed.^[2][3] Afterward, Jeffries took a position at Paul Harris, a Midwest clothing chain.

Abercrombie & Fitch Co.

Further information: Abercrombie & Fitch

The chain store design in the early 1990s.

The logo of the new A&F.

Jeffries was hired by Leslie Wexner (CEO of Limited Brands, then named The Limited) to invigorate Abercrombie & Fitch. The company, founded in 1892, had been purchased by Limited Brands in 1988 after bankruptcy. Jeffries is considered to have been the main creator of the new look for the company, saying that he wanted A&F to "sizzle with sex".^[1]

It was rebuilt as an upscale apparel retailer for the collegiate,^[1] and by the mid-1990s Abercrombie & Fitch had opened dozens of new stores. By 1996, Limited Brands was no longer heavily involved with the company, and eventually left it under the management of Jeffries. Since then, Jeffries has retained complete control over every aspect of the company, from clothing designs to the positioning of in-store fixtures.^{[citation needed]}

During this time, A&F has offended groups as diverse as the feminist movement and the American Decency Association, and has attracted a fair number of other controversies and lawsuits.^[1] An outspoken leader, Jeffries has been quoted making statements in the press that are considered controversial^[4]

In 2004 he made approximately $25 million USD with a "stay bonus" of $6 million USD, which dropped from $12 million after a controversy involving his "excessive compensation".^[1]After surveying 2,000 U.S. corporations, The Corporate Library named Jeffries as the "Highest Paid Worst Performer" of 2008, after he received a compensation package valued at $71.8 million.^[5]Jeffries refused to lower prices or offer discounts at Abercrombie & Fitch stores during the retail recession until September 2009, after the company posted same store sales losses for 17 consecutive months^[6]

Jeffries' employment agreement was set to expire December 31, 2008.^[7] On December 22, 2008, A&F corporate announced that it had renewed his employment agreement.^[7] It is set to expire on February 22, 2014.^[7]

References

1. ^ ^{a b c d e} Denizet-Lewis, Benoit. "The Man Behind Abercrombie & Fitch". Salon.com. http://www.salon.com/mwt/feature/2006/01/24/jeffries/index.html. Retrieved 2007-12-08. 
2. ^ "Alcott & Andrews Seeking Protection From Creditors". The New York Times. September 1, 1989. http://www.nytimes.com/1989/09/01/business/alcott-andrews-seeking-protection-from-creditors.html. Retrieved February 26, 2011. 
3. ^ "Alcott & Andrews to Close Its Stores". The New York Times. October 14, 1989. http://www.nytimes.com/1989/10/14/business/alcott-andrews-to-close-its-stores.html. Retrieved February 26, 2011. 
4. ^ "Mike Jeffries quotations". http://retailindustry.about.com/od/frontlinemanagement/a/AbercrombieFitchMikeJeffriesquotes.htm. 
5. ^ Rooney, Ben (September 28, 2009). "Corporate Library "Highest Paid Worst Performers" 2009". CNN. http://money.cnn.com/galleries/2009/news/0909/gallery.highest_paid_worst_CEOs/index.html. Retrieved May 12, 2010. 
6. ^ "Mike Jeffries Loses His Cool". retailindustry.about.com. http://retailindustry.about.com/b/2009/09/07/ceo-mike-jeffries-overvalues-his-own-brand-and-loses-his-cool-after-teen-shoppers-and-investors-dont-aspire-to-abercrombie-any-more.htm. Retrieved October 13, 2009. 
7. ^ ^{a b c} "Abercrombie & Fitch Enters Into New Employment Agreement with Michael S. Jeffries, Chairman and CEO" (Press release). Abercrombie & Fitch Co.. http://phx.corporate-ir.net/phoenix.zhtml?c=61701&p=irol-newsArticle_print&ID=1238540&highlight=. Retrieved January 6, 2008. 

External links

External images
	Photo used in Salon.com interview

Persondata
Name	Jeffries, Mike
Alternative names
Short description
Date of birth	July 15, 1944
Place of birth	unknown Raised in Los Angeles, California
Date of death
Place of death