Johnson’s big pay day
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Published
March 30, 2012, 4:00 a.m. ET
J.C. Penney says its new CEO Ron Johnson, who is re-inventing the mid-brow department store retailer, received compensation worth $53.2 million in 2011.
Johnson, a former Apple executive, joined the Penney board last August and became the company’s CEO in November.
He received a base salary of $375,000, but the largest share of his pay came from stock awards valued at $52.6 million, according to documents filed with the Securities and Exchange Commission late Wednesday. Johnson also got a performance-based cash bonus of $236,302, which was pro-rated on his actual period of service.
Johnson succeeded Myron Ullman III, who had been at Penney’s helm since December 2004. store layout and merchandise assortment.