What is Mike Jeffries' net worth? The former Abercrombie & Fitch’s CEO’s income and salary
Authorities have arrested former CEO of Abercrombie and Fitch Mike Jeffries, his partner Matthew Smith, and another associate on sex trafficking charges.
New York prosecutors have announced former CEO of lifestyle retailer Abercrombie & Fitch Mike Jeffries has been arrested in connection with sex trafficking and prostitution charges.
His associates Matthew Smith and Jim Jacobson were also arrested on related charges.
Multiple reports indicate an investigation conducted by the FBI and federal prosecutors looked into whether Jeffries and his partner Smith held parties where they sexually exploited young men in the U.S. and overseas, with Jacobson serving as middleman.
READ ALSO: Abercrombie & Fitch ex-CEO and partner charged with sexual exploitation
READ ALSO: Abercrombie & Fitch Ex-CEO arrested
What is Mike Jeffries' net worth? The former Abercrombie & Fitch’s CEO’s income and salary
Jeffries was CEO of the clothing company from 1992 to 2014. He turned Abercrombie & Fitch from a failing enterprise into a multi-billion-dollar lifestyle retailer fueled by sex appeal, provocative ads, and shirtless male store models.
The company’s success translated into making him one of the highest paid CEOs in the country.
According to Celebrity Net Worth, Jeffries has a net worth of around $300 million. The website reports that between 2004 and 2014 alone, the executive received $400 million in salaries, bonuses, and equity compensation.
Jeffries stepped down as Abercrombie & Fitch chief in 2014 after slumping sales, and was given a retirement package worth around $25 million.
The retailer was supposed to award him $1 million yearly for the rest of his life, but the bonus was canceled by the company after the BBC released a documentary that aired last year, featuring male models who accused him of sexual misconduct.
Former A&F models filed case against Jeffries last year
Last year, a group of former aspiring models for the clothing brand sued both Abercrombie & Fitch and Jeffries, accusing the company of benefiting from a sex trafficking operation conducted by the former CEO.
Former model David Bradberry claimed in a proposed class action suit that Jeffries forced models to consume drugs and have sex with him in exchange for a shot at being part of Abercrombie’s catalogues.
According to the lawsuit, company officers were aware of Jeffries' activities and the company paid settlements to people who accused him of sexual misbehavior.