Scott Lipesky
ABERCROMBIE & FITCH CO /DE/About Scott Lipesky
Scott D. Lipesky is Executive Vice President, Chief Operating Officer of Abercrombie & Fitch Co. (since November 2024), previously serving as CFO and COO (May 2023–November 2024) and CFO (October 2017–May 2023; April 2021–May 2023) with earlier finance leadership roles at ANF and prior experience as CFO of American Signature; he is age 50 and a former Certified Public Accountant with PwC . During his tenure, ANF delivered record Fiscal 2024 results: net sales of $4.95 billion (+16% YoY) and operating income of $741 million (15% margin), with robust pay-for-performance outcomes including a 188% annual cash incentive payout and maximum/near-maximum trending PSA performance; the 2022–2024 PSA cycle achieved a 192% weighted payout with Relative TSR at the 100th percentile versus peers . Stockholder support for executive pay was strong, with 97.1% approval in 2024’s say-on-pay for Fiscal 2023 compensation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Abercrombie & Fitch Co. | EVP, Chief Operating Officer | Nov 2024–present | Enterprise operations leadership across global retail platform |
| Abercrombie & Fitch Co. | EVP, Chief Financial Officer and Chief Operating Officer | May 2023–Nov 2024 | Operational-financial integration during growth and margin expansion |
| Abercrombie & Fitch Co. | EVP, Chief Financial Officer | Apr 2021–May 2023 | Capital allocation, profitability discipline |
| Abercrombie & Fitch Co. | SVP, Chief Financial Officer | Oct 2017–Apr 2021 | Finance transformation, balance sheet strengthening |
| Hollister Brand (ANF) | Chief Financial Officer | Sep 2014–Oct 2016 | Brand-level FP&A and merchandising finance |
| Abercrombie & Fitch Co. | VP, Merchandise Finance | Mar 2013–Sep 2014 | Merchandising finance leadership |
| Abercrombie & Fitch Co. | VP, FP&A | Nov 2012–Mar 2013 | Corporate planning and analysis |
| Abercrombie & Fitch Co. | Sr Director, FP&A | Nov 2010–Nov 2012 | Financial planning leadership |
| American Signature, Inc. | Chief Financial Officer | Oct 2016–Oct 2017 | CFO of privately-held home furnishings company |
| FTI Consulting; Goodyear; PwC | Corporate Finance Director; Corp. Business Development Director; CPA | Not disclosed | Advisory, corporate development, audit credentials |
External Roles
- No public company board roles disclosed for Mr. Lipesky .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Actual Bonus Paid ($) |
|---|---|---|---|
| FY 2022 | $770,192 | Not disclosed | $471,975 |
| FY 2023 | $823,077 | Not disclosed | $1,704,528 |
| FY 2024 | $821,154 | 110% of base | $1,706,100 |
- FY 2024 base salary in effect: $825,000; FY 2023 base salary: $800,000 .
- All other compensation (FY 2024): $21,454, comprised of $18,195 401(k) match and $3,259 insurance premiums .
Performance Compensation
| Program | Metric | Weighting | Seasonal Weighting | Target | Actual | Payout |
|---|---|---|---|---|---|---|
| Short-Term Cash Incentive (FY 2024) | Adjusted EBIT | 70% | Spring 40% / Fall 60% | Not disclosed | Spring payout metric: 200%; Fall payout metric: 172% | Weighted total 188% |
| Short-Term Cash Incentive (FY 2024) | Constant Currency Net Sales | 30% | Spring 40% / Fall 60% | Not disclosed | Spring payout metric: 200%; Fall payout metric: 200% | Included in 188% total |
| PSAs (FY 2022–FY 2024) | Avg. Net Sales Growth Rate | 33.33% | 3-year period | Target 2.0%; Max 4.0% | 5.1% | 200% |
| PSAs (FY 2022–FY 2024) | Avg. Adjusted EBIT Margin | 33.33% | 3-year period | Target 8.0% | 9.9% | 175% |
| PSAs (FY 2022–FY 2024) | Relative TSR vs peer group | 33.34% | 3-year period | Target 55th percentile | 100th percentile | 200% |
- FY 2024 annual cash incentive actual payout for Mr. Lipesky: $1,706,100 (base $825,000 × 110% target × 188% achievement) .
- FY 2024 long-term equity award mix: 50% PSAs, 50% RSUs . PSA metrics: three-year performance period spanning FY 2024–FY 2026; metrics are Avg. Net Sales Growth, Avg. Adjusted EBIT Margin, and Relative TSR vs compensation peer group . Trending performance at FY 2024 year-end: FY 2023–FY 2025 cycle at maximum on all tranches; FY 2024–FY 2026 cycle at maximum on sales and margin, approximately at target on TSR .
FY 2024 Equity Grants (detailed)
| Grant Type | Grant Date | Shares/Units | Grant-Date Fair Value per Share ($) | Total Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| RSUs | 3/12/2024 | 10,369 | 120.56 | $1,250,087 | Equal annual installments over 3 years from grant date |
| PSAs (target) | 3/12/2024 | 10,369 | 140.61 | $1,457,985 | 3-year performance period (FY 2024–FY 2026) |
| PSAs (max) | 3/12/2024 | 20,738 | 140.61 | $1,457,985 (reported at grant-date value methodology) |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 134,524 shares; <1% of class |
| Shares vested FY 2024 | 75,915 shares vested; net shares received 42,468; value realized $9,905,443 |
| Outstanding RSUs (FY 2024 year-end) | 9,095 (03/22/2022); 23,508 (03/07/2023); 10,369 (03/12/2024); market values $1,085,761; $2,806,385; $1,237,851 respectively (based on $119.38) |
| Outstanding PSAs (target) | 52,296 (03/22/2022); 70,522 (03/07/2023); 20,738 (03/12/2024); market values $6,243,096; $8,418,916; $2,475,702 (based on $119.38) |
| Stock ownership guidelines | Robust guidelines; increased required ownership for CEO and other executives effective Feb 26, 2025 (specific multiples not disclosed) |
| Hedging/pledging | Hedging and pledging prohibited by policy |
| Clawbacks | Mandatory Dodd-Frank recoupment for restatements; enhanced cause-related clawbacks (policy non-compliance, felony/misconduct/fiduciary breach, fraud/embezzlement, restrictive covenant breach); clawback provisions embedded in incentive plans |
Employment Terms
| Term | Provision |
|---|---|
| Employment offer date | Employment Offer dated August 17, 2017; Agreement dated September 7, 2017 |
| Current role tenure | COO since November 2024 |
| Severance (no change-of-control) | Base salary continuation for 18 months; pro-rated annual bonus based on actual performance at Committee discretion; 100% COBRA premiums reimbursement for 18 months |
| Severance amounts (as of 2/1/2025) | Involuntary termination without cause: cash severance $2,943,600; benefits continuation $33,419; equity value $12,698,816; retirement plan value $1,407,408; total $17,083,243 |
| Change-of-control (double-trigger) cash | Lump-sum equal to 18 months of base salary plus 1.5× target annual bonus; 100% COBRA premiums reimbursement for 18 months; equity vests per award terms |
| Change-of-control values (as of 2/1/2025) | Cash severance $2,598,750; benefits continuation $33,419; equity value $17,828,813; retirement plan value $1,407,408; total $21,868,390 |
| Equity vesting mechanics | Double-trigger acceleration uses RSU count and pro-rated target PSA shares valued at $119.38 (1/31/2025 close) |
| Non-compete | Executive non-compete agreements in place (schedule lists executive officers subject to substantially identical Non-Compete Agreements) |
Investment Implications
- Strong pay-for-performance alignment: cash incentives tied to Adjusted EBIT and Constant Currency Net Sales with a 188% payout in FY 2024; PSAs use balanced growth, margin, and TSR metrics over three years, with recent cycles at or near maximum—supporting high equity sensitivity to long-term value creation .
- Retention risk appears moderate: severance provides 18 months of base and 1.5× target bonus in change-of-control scenarios; double-trigger equity mechanics reduce windfall risk and keep incentives intact, while clawback, no-hedging, and no-pledging policies strengthen alignment .
- Insider selling pressure considerations: meaningful RSU and PSA vesting realized in FY 2024 ($9.9M), and significant outstanding awards and scheduled RSU vesting over 2025–2027 could create episodic supply; however, prohibitions on hedging/pledging and stock ownership guidelines mitigate misalignment .
- Execution track record: as CFO/COO, Lipesky’s tenure coincides with record net sales ($4.95B) and operating income ($741M; 15% margin) in FY 2024 and peer-leading TSR outcomes; strong say-on-pay support (97.1%) indicates investor confidence in compensation governance .