JCPenney has filed its proxy statement with the SEC, and it shows that CEO Ron Johnson isn’t getting paid anywhere near what he did the year prior.
In 2011, he received $375,000 in base salary and an additional $52.6 million in stock, with $236,000 tacked on as a non-equity incentive plan.
In 2012, he earned a higher base salary of $1.5 million and $388,000 in “other compensation.”
But, he’s not getting any more stock, dropping his total annual compensation from about $53.3 million to around $1.9 million.
Sure, the bulk of that stock award was probably part of his signing bonus. Regardless, his 2012 package represents a 97 per cent drop from a year ago.
The other main members of his C-suite — CFO Ken Hannah, COO Michael Kramer, and CTO Daniel Walker — didn’t receive any stock awards either.
Johnson’s in the middle of a massive transformation attempt at the ailing 111-year-old retailer, but so far, sales numbers have been disastrous and some analysts are getting worried about the company’s cash flow.
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