executive privileges

Abercrombie Remains Uncool, Shareholders Sue CEO

Photo: David Pomponio/Getty Images

Mike Jeffries, Abercrombie CEO and the man who bet his horse on the fickle tastes of judgmental teens, has been at a faltering company for years. While he ran Abercrombie relatively unsupervised during its salad days, shareholders are becoming more involved now that the retail chain has fallen out of favor. 

Shareholders are suing Jeffries for poor governance, BuzzFeed reports. In particular, he’s being rebuked for excess spending and involving his partner in the company’s business. While he attempted to defend luxury hotel suites (needed for important hotel meetings), the board cried out that he was also “unnecessarily traveling by helicopter.”

Criticizing unnecessary ‘copter travel certainly seems short-sighted. One can think of at least a couple reasons that one might need to fly under the radar to various Abercrombie outlets across America. For example, routine checks and carefree pranks and fly-over waves. Certainly that can’t be excess spending. Can’t even put a price on that!

Abercrombie Remains Uncool, Shareholders Sue CEO