JC Penney CEO Received No Cash Bonus in 2012
J.C. Penney Chief Executive Ron Johnson received total compensation of $1.9 million in 2012, down from $53.3 million in 2011 as he did not get any stock awards, according to a proxy statement filed with regulators on Tuesday.
Johnson's base salary was unchanged at $1.5 million, but he received no stock awards unlike last year to compensate him for remuneration he was giving up by leaving his former employer, Apple.
He did not receive a bonus in 2012. In the first year of Johnson's transformation plan for the department store chain, sales fell 25 percent and the company reported a steep loss.
Johnson's compensation includes $344,213 for personal use of a corporate jet in 2012, compared to $13,185 in 2011.
"None of our named executive officers received an annual cash incentive award for fiscal 2012 due to the company's financial results versus its goals," the SEC filing stated. "Our CEO received 44% of his target cash compensation (base salary only) and our other current named executive officers received, collectively, 55% of their aggregate target cash compensation (base salary only)."
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