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Abercrombie & Fitch CEO paid $4M to stop using private jet

Michael Jeffries, CEO of Abercrombie & Fitch, has been paid $4 million to limit his use of the company’s private jet.

Previously, Abercrombie & Fitch gave the CEO unlimited use and access to the company plane. In 2008, Jeffries’ personal use of the private jet reached $1.1 million worth of costs.

He now has to reimburse the company with incremental payments from his $4 million compensation if he exceeds $200,000 annually for private jet travel.