**The chief executive of Abercrombie & Fitch is being paid $4m (£2.6m) to curb his personal use of the company plane.**Michael Jeffries previously had unlimited use of the firm’s aircraft.
In 2008, his personal use incurred costs of $1.1m. Now, if he exceeds $200,000 a year he must reimburse the teen retailer.
Mr Jeffries would also have to pay some of the $4m back if he were to leave the company without “good reason” before his contract runs out in February 2014.
The move was revealed in a US Securities & Exchange Commission filing which has been released.
Mr Jeffries’ personal use of the plane averaged about $850,000 a year between 2006 and 2008, according to previous company regulatory filings.
Many companies have been cutting down on executives’ personal use of the corporate jet in the last couple of years, although compensation for doing so is unusual.
Mr Jeffries has been chief executive since 1992 and is widely credited with revitalising the brand in the 1990s by marketing its preppy clothing to teenagers.This article is from the BBC News website. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.