American Eagle admits it fired former CEO Hanson
Robert Hanson was fired as CEO of American Eagle Outfitters Inc. last week, the South Side-based teen-apparel retailer disclosed on Thursday in a filing with the Securities and Exchange Commission.
American Eagle declined to disclose the nature of Hanson's departure or provide any details when it was announced on Jan. 22, other than to say it was effective immediately.
“Mr. Hanson will receive that compensation to which he is entitled under the employment agreement in the case of a termination by the company without cause,” the filing stated.
Hanson, who had been CEO for two years and had one year left on his contract, will receive $6.3 million in compensation for being fired, including two years of salary worth $2 million, an incentive bonus of $1.3 million and stock awards totaling $3 million, according to his contract.
Company officials declined to comment on the reason for Hanson's firing.
American Eagle also said in the filing that compensation for Executive Chairman Jay Schottenstein, who was named interim CEO, “has not yet been determined” and may be disclosed later.
Schottenstein, who owns 5.2 percent of American Eagle and was CEO from 1992 to 2002, was paid $2 million as executive chairman during 2012, according to the company's most recent proxy statement.
The company has said it is looking for a permanent replacement for Hanson.
Alex Nixon is a staff writer for Trib Total Media. He can be reached at 412-320-7928 or email@example.com.