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Wed Apr 3, 2013, 06:57 AM

J.C. Penney turning point? [View all]

With J.C. Penney struggling since the CEO changed the stores format and eliminated sales, it looks like the board of directors has slashed Ron Johnson's pay.

In a clear sign of its dissatisfaction with the direction of the company, the board of J. C. Penney gave its chief executive, Ron Johnson, a pay cut of almost 97 percent, to $1.9 million, for 2012, according to a regulatory filing on Tuesday.

In addition, not a single top executive received a cash bonus for the year.

“The C.E.O. is certainly being given a message,” said Kent Hughes, managing director at the proxy advisory firm Egan-Jones Ratings Company.

Analysts generally say they believe that Mr. Johnson will be given at least another couple of quarters to turn around the company he was hired a little more than a year ago to revive.


http://www.nytimes.com/2013/04/03/business/jc-penney-slashes-pay-for-chief.html?nl=todaysheadlines&emc=edit_th_20130403&_r=0

IMO: Even at $1.9 million, his is overpaid!



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liberal N proud Apr 2013 OP
quaker bill Apr 2013 #1
A Little Weird Apr 2013 #2
Gidney N Cloyd Apr 2013 #3
angstlessk Apr 2013 #6
Javaman Apr 2013 #9
livetohike Apr 2013 #4
Frustratedlady Apr 2013 #7
livetohike Apr 2013 #23
Lydia Leftcoast Apr 2013 #12
livetohike Apr 2013 #24
SoCalDem Apr 2013 #31
Greybnk48 Apr 2013 #19
livetohike Apr 2013 #25
Kahuna Apr 2013 #5
gvstn Apr 2013 #17
liberal_at_heart Apr 2013 #18
gvstn Apr 2013 #20
dixiegrrrrl Apr 2013 #21
cbdo2007 Apr 2013 #29
Orsino Apr 2013 #8
cbdo2007 Apr 2013 #10
mnmoderatedem Apr 2013 #11
liberal N proud Apr 2013 #14
L0oniX Apr 2013 #13
liberal N proud Apr 2013 #15
L0oniX Apr 2013 #16
progressoid Apr 2013 #22
JNelson6563 Apr 2013 #26
Lydia Leftcoast Apr 2013 #27
DollarBillHines Apr 2013 #30
Warpy Apr 2013 #28