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Old 04-01-2012, 04:22 PM  
T-post Tom T-post Tom is offline
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Forget Subway, you want to work at JCPenny's. Startng salary 1st Year: $53M per Month

By KAREN TALLEY

Ronald Johnson, who joined J.C. Penney Co. JCP -0.70% as chief executive in November, received $53.3 million in total compensation from the retailer last year.

Mr. Johnson, a former Apple Inc. executive, received a base salary of $375,000 and $52.7 million in stock awards, according to a regulatory filing. Mr. Johnson's performance-based bonus was $236,000, which the company said was pro-rated based on his period of service during the fiscal year. He also received compensation valued at $13,000 for personal use of the company's aircraft.

Myron "Mike" Ullman, whom Mr. Johnson replaced, received $34.6 million in compensation. Mr. Ullman received $1.49 million in salary, $11.4 million in stock awards and $3.6 million in stock option awards. Mr. Ullman's performance-based bonus was $1.9 million and the change in the value of his pension plan was $857,000. Mr. Ullman also received $15.3 million in "other compensation" that included a $10.1 million "transition services," payout, $4.8 million for stock options that would have been forfeited and $363,000 for personal use of the company's aircraft.

J.C. Penney brought on a number of other executives during the year, including a president, a chief operating officer and a chief talent officer, all of whom received multi-million dollar signing bonuses.

The company is in the midst of trying to reinvent itself, eschewing its old way of constant daily promotions and relying largely on single prices and offering numerous "stores within stores."

In its annual report filed earlier this week, the new strategy is listed under "risk factors." The company says there is no guarantee it will be able to get its new approach in place and if it doesn't, the business and financial results could be adversely affected. Penney also says changes to its pricing strategies could result in "a prolonged decline" in sales.

http://online.wsj.com/article/SB1000...413344804.html
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Old 04-01-2012, 08:21 PM   #2
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What an evil bastard to get paid a lot of money!!!
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Old 04-01-2012, 08:44 PM   #3
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What an evil bastard to get paid a lot of money!!!
No sh**
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Old 04-01-2012, 08:55 PM   #4
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I'll be more interested in what he receives when he inevitably flies the plane into the side of a mountain. 100 mil, probably.
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Old 04-01-2012, 11:12 PM   #5
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a lot of people probably work full time there for less than $17,000 per year. But, congrats to him and his fortune.
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Old 04-01-2012, 11:31 PM   #6
Chiefshrink Chiefshrink is offline
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a lot of people probably work full time there for less than $17,000 per year.
At their choosing and most are part-time at their choosing.
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Old 04-01-2012, 11:39 PM   #7
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At their choosing and most are part-time at their choosing.
well with the shrinkage of the dollar and everything going up in price, people's wages stay the same and only executives pay goes up and up and up and up every quarter. Every corporation operates this way now, or will in the near future, and it's hurting the country as a whole, one reason why more and more people are suffering these days. Not everybody gets to own their own company or be an executive, the whole get a better job thing isn't always fair.
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Old 04-02-2012, 01:43 AM   #8
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Quote:
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well with the shrinkage of the dollar and everything going up in price, people's wages stay the same and only executives pay goes up and up and up and up every quarter. Every corporation operates this way now, or will in the near future, and it's hurting the country as a whole, one reason why more and more people are suffering these days. Not everybody gets to own their own company or be an executive, the whole get a better job thing isn't always fair.
"I'm the new CEO. I streamlined this company and cut jobs saving the company 100mil this year. Sure, I took half of that 100mil as my bonus, but don't worry about that."

My sister's in a nursing union that's in a constant battle with her hospital b/c the hospital is trying to take multiple privileges away that they've negotiated in the past saying, "The company can no longer allow said privileges or we'll start losing money." In the latest meeting the union asked the company's reps to prove they can't afford those benefits, and the reps could not and asked for time to prove it. So they said it as fact, but they need more time to prove it???

One fact is certain. The CEO did not take any "cutbacks" last year. Just because you find a way to save money, doesn't mean you're doing right by the company.
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Old 04-02-2012, 02:15 AM   #9
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Originally Posted by KChiefer View Post
"I'm the new CEO. I streamlined this company and cut jobs saving the company 100mil this year. Sure, I took half of that 100mil as my bonus, but don't worry about that."

My sister's in a nursing union that's in a constant battle with her hospital b/c the hospital is trying to take multiple privileges away that they've negotiated in the past saying, "The company can no longer allow said privileges or we'll start losing money." In the latest meeting the union asked the company's reps to prove they can't afford those benefits, and the reps could not and asked for time to prove it. So they said it as fact, but they need more time to prove it???

One fact is certain. The CEO did not take any "cutbacks" last year. Just because you find a way to save money, doesn't mean you're doing right by the company.
well said
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Old 04-02-2012, 03:58 AM   #10
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If only that braying jackass wasn't sitting in the White House destroying the economy with his irrational spending policies, CEOs wouldn't be continually faced with laying people off to keep their companies afloat.

The value of a CEO should be higher nowadays considering the skill necessary to succeed in the Age of Hussein.
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Old 04-02-2012, 07:38 AM   #11
KChiefer KChiefer is offline
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So, this CEO's time for ONE MONTH last year at JCP was worth more than 2600 of his employees making 20K for the ENTIRE YEAR???

Also, I'm of the mind that if a leader like a CEO is saying to the people he leads they need to "skip dinner" he should skip lunch AND dinner. Instead these guys end up taking a million more dinners for themselves. And their dinners aren't "pink slime."


How billionaires destroy democracy:

http://www.salon.com/2012/04/01/how_...roy_democracy/

Of the many great things that article has to say, I enjoy this quote of Mark Hanna - "There are two things that are important in politics. The first is money and I can’t remember what the second is."

Oh yeah, it's Obama's fault. None of this has been brewing through the Reagan, Bush I, Clinton, Bush 2 eras. Obama managed derange our economic-political system in one sitting all by himself. The house and senate have never had anything to do with it either. Gotcha.
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Old 04-02-2012, 07:55 AM   #12
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Who cares what he gets paid? It's their company. You think paying him less is going to somehow make Penney's more competitive? It just sounds like bitterness.
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Old 04-02-2012, 08:06 AM   #13
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$53 million per month, eh?
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Old 04-02-2012, 08:10 AM   #14
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Who cares what he gets paid? It's their company. You think paying him less is going to somehow make Penney's more competitive? It just sounds like bitterness.
You're right. Hey, why not pay him $100mil for a months work? Surely that will make them more competitive.
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Old 04-02-2012, 08:18 AM   #15
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Originally Posted by KChiefer View Post
You're right. Hey, why not pay him $100mil for a months work? Surely that will make them more competitive.
He is right. Why not let JC Penny pay him whatever they want to pay him and the rest of us can sit around and not even worry about it?
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