JC Penny CEO 2012 pay package drops 97 percent

3:56 PM, Apr 2, 2013   |    comments
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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.

(Copyright 2013 by The Associated Press. All Rights Reserved.)

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