JC Penny CEO 2012 pay package drops 97 percent

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Associated Press

Posted on April 2, 2013 at 4:02 PM

NEW YORK (AP) — J.C. Penney Inc. says the 2012 compensation package for CEO Ron Johnson plummeted nearly 97 percent to about $1.9 million without a sizeable stock award he got in 2011 and no bonuses.

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 an SEC filing Tuesday. He did not receive 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.

The AP's calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.

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