Abercrombie & Fitch Announces New and Restructured Employment Agreement with CEO Michael Jeffries

Abercrombie & Fitch Co.

today announced that it has entered into a new and restructured employment agreement with Michael Jeffries, which will take effect upon the expiration of Mr. Jeffries' current agreement on February 1, 2014.  The terms of Mr. Jeffries' new employment agreement are included in a Form 8-K to be filed with the Securities and Exchange Commission today. Craig Stapleton, Lead Independent Director of the Board, said, "Today's announcement is the result of an extensive review by the Board and detailed discussion with shareholders over several months, and the specific terms of Mike's new contract reflect direct feedback from those discussions.  The new agreement employs a more simplified, performance-based compensation structure that is designed to align incentives closely with the success of the company and the interests of shareholders." Mr. Stapleton continued, "Mike is a visionary in this industry and has been responsible for reinventing, creating and evolving today's Abercrombie & Fitch and Hollister brands. Under his direction, Abercrombie & Fitch has grown from just 36 domestic stores and $50 million in sales in 1992 to having a global presence