Penney CEO Johnson's compensation falls amid retailer's woes

April 2 Tue Apr 2, 2013 5:05pm EDT

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April 2 (Reuters) - J.C. Penney Co Inc 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 Inc.

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.


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