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Wednesday, April 3, 2013

J.C. Penney CEO Ron Johnson Sees Pay Package Cut By 97 Percent

J.C. Penney CEO Ron Johnson Sees Pay Package Cut By 97 Percent:

NEW YORK (AP) — The CEO of struggling department store J.C. Penney saw his 2012 compensation package plummet nearly 97 percent to about $1.9 million without a sizeable stock award he got last year and no bonuses.

Ron Johnson, 54, received a base salary of $1.5 million, up from $375,000 which he received for a partial year after joining the company in August 2011, according to a Securities and Exchange Commission filing Tuesday. He did not receive any stock or option awards, compared with a stock award worth $52.7 million on the date it was granted in 2011. The award was given to Johnson after he was named CEO and made a $50 million personal investment in the company.

He also received $388,587 in other compensation, including contributions to savings plan and perks like personal use of company aircraft, home security systems and information technology services.

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