Abercrombie CEO Fran Horowitz’s Pay Revealed
Fran Horowitz is busily transforming Abercrombie & Fitch Co. — and collecting large stock awards along the way.
The chief executive officer’s total compensation tallied just over $11 million last year, a 14.1 percent decline from a year ago, according to the company’s proxy statement filed with the Securities and Exchange Commission.
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Most of that payday — $8.2 million — came in the form of stock awards, the full value of which will depend on how well the retailer’s stock performs. That ties the fortunes of the CEO to those of stockholders.
Horowitz, who has led Abercrombie since 2017, also received a salary of $1.3 million and incentive pay of $1.4 million last year.
The proxy statement tees up Abercrombie’s annual meeting, which will be held virtually on June 8 this year. The proceedings look to be standard, with votes on electing directors, appointing an accounting firm and an advisory vote on executive pay.
In a joint letter to shareholders, Horowitz and chairperson Nigel Travis painted a picture of a company on the move.
“In fiscal 2022, we delivered solid financial results while making progress towards our long-term strategic priorities,” they said. “We ended the year with $3.7 billion in net sales and returned $126 million to our stockholders through stock repurchases.”
The company also laid out its “Always Forward Plan,” which focuses on brand growth, “enterprise-wide digital revolution” and financial discipline.
While 44 percent of the company’s sales came from digital channels last year, the duo noted that: “We ended the year as a net store opener for the first time in over a decade. We continued to capitalize on the momentum in the Abercrombie & Fitch brand, and along with abercrombie kids, the Abercrombie brands delivered 11 percent sales growth year-over-year.”
The retailer ended the year with 770 stores, up from 720 doors a year earlier.
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