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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.
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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