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Purveyor

(29,876 posts)
Tue Apr 2, 2013, 07:16 PM Apr 2013

JC Penney CEO's Pay Slashed As Company Struggles; $1.9m in compensation for 2012, down from $53.3m

NEW YORK (CNNMoney)
J.C. Penney had a rough 2012, and it was reflected in Ron Johnson's paycheck.

The department-store chain revealed Tuesday that Johnson, its CEO, received a total of $1.9 million in compensation for 2012, down from $53.3 million in the year prior. None of the company's senior executives received bonuses, J.C. Penney said in a securities filing, "due to the company's financial results versus its goals."

Johnson's compensation dropped sharply from 2011 to 2012 in large part because he received a special $52.7 million stock award upon joining the company. He did not receive any stock award for 2012, and got only 44% of his target cash compensation in view of the company's poor results.

JCPenney (JCP, Fortune 500) shares have plunged nearly 60% over the past year as Johnson -- a former Apple (AAPL, Fortune 500) executive who spearheaded the tech giant's retail strategy -- has struggled to lead a turnaround effort. He took over at J.C. Penney in November of 2011 and has since announced a series of new initiatives including overhauled prices, redesigned store layouts, and even free haircuts for kids.

MORE...

http://money.cnn.com/2013/04/02/news/companies/jc-penney-ceo-pay/

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Ruby the Liberal

(26,217 posts)
2. I'm sorry, but I don't give a shit how much you made your stockholders
Tue Apr 2, 2013, 07:18 PM
Apr 2013

$53.3 million is completely obscene for one person to sit at a desk and set strategy. Glad that bit them in the ass last year. Maybe this will become the 'new normal'.

W_HAMILTON

(7,813 posts)
11. It's especially obscene given the fact that the success or failure of said strategies...
Tue Apr 2, 2013, 07:47 PM
Apr 2013

...seems as much based on pure luck as it does intelligent management.

If Apple can go on without Steve Jobs, (insert random company) can go on without (insert random executive).

NickB79

(19,114 posts)
6. Only $2 million? Fuck, we gotta start passing the hat around!
Tue Apr 2, 2013, 07:21 PM
Apr 2013

Soon he may not be able to feed his wife and children the filet mignon they so desperately need, or keep a 12,000 sq. ft marble roof over their heads.

ohheckyeah

(9,314 posts)
7. JC Penney
Tue Apr 2, 2013, 07:21 PM
Apr 2013

has been trying to do everything on the cheap for years now. They put out clothes that are seasons old hoping to sell them, and the quality is no longer there. It used to be my go to place for decent clothes and leather purses and belts....good luck finding any of that any more at JC Penney. The stores here look like low rent discount stores.

 

LiberalEsto

(22,845 posts)
14. Their women's clothes are ugly
Tue Apr 2, 2013, 09:08 PM
Apr 2013

I happened to go into a Penney last week, for the first time in a couple of years. They had a lot of stuff on clearance and every bit of it was garish and hideous. I wouldn't wear any of it if it were given to me for free.

JC Penney used to offer reliable, decent-quality items. Not flashy, but nice enough. Now it's all overpriced trash, ever since that hedge fund nut took it over.

Target has gone a somewhat similar route with clothing in the past 7 or 8 years. Their clothes are nicer looking than Penney, but everything is flimsy and feels like it would fall apart after a single wearing. I remember buying clothes from Target that lasted for years, like a pair of Cherokee jeans I had. The clothes at Kmart are definitely better quality than Target now.

JHB

(37,133 posts)
10. I'm so upset to hear that, my monocle has popped out!
Tue Apr 2, 2013, 07:32 PM
Apr 2013

$1.9 million? How do they expect him to survive on such peasnant-droppings!? Why, if they don't offer more then he might just walk off with the talents that were so obviously worth 26 times that much just last year!

Honestly, this has me so flustered I have to sign off an go down to my stables to watch some nice, soothing horse-dancing.

Initech

(99,915 posts)
15. This question very badly needs to be asked by our media and Obama:
Tue Apr 2, 2013, 09:35 PM
Apr 2013

Could these companies be in financial trouble *BECAUSE* of obscene executive salaries? If they're hurting that much financially why does the CEO and executive board make $50 - $60 million a year? Where does this money come from?
Oh and I don't feel sorry for these criminals one bit.

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