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Abercrombie & Fitch suspends payments to ex-CEO after sex-trafficking claims

On top of his standard pension, Mike Jeffries had been receiving lifetime bonus payments totalling about $1m (£801k) a year.

But in October, the BBC revealed claims of exploitation by young men recruited for sex events while he was boss.

A lawsuit then accused the US retailer of funding a sex-trafficking operation.

The brand told the BBC it has now suspended these extra retirement payments to Mr Jeffries.

graycube ,

He was also closely connected to Epstein.

graycube ,

When he was CEO his travel budget was over $1M per year. I always wondered about why he needed to travel so much, and how he could still do CEO stuff too. He was legendary for his flashy cars, wanton disregard for traffic laws, hatred of anyone he deemed unattractive (to the point of firing them), and insistence you listen to hip hop all day while you worked.

stifle867 ,

Why were they even paying him $1m per year in perpetuity when he doesn’t even work for the company? Seems like a massive waste of the public investors money on top of a huge exploitation scandal.

foggy ,

Yeah wtf. If I was an investor I’d be pissed. Reading this I assumed they weren’t public or something but nope, AND is publicly traded. You could a funded this guy’s retirement up until they cut him off. Wow.

stifle867 ,

Exactly the process I went through! The golden parachutes are egregious enough, what can we call this practice of just giving them free money in perpetuity? The golden waterslide perhaps? 🤣

LemmyIsFantastic ,

He took a company pissing away tens of millions a year and turned them into 2B dollar company. Something tells me they don’t care.

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