Forget Subway, you want to work at JCPenny's. Startng salary 1st Year: $53M per Month

[T-post Tom]

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

[blaise]

Originally Posted by KChiefer

You're right. Hey, why not pay him $100mil for a months work? Surely that will make them more competitive.

Probably because after careful consideration they decided to pay him what they paid him.

[gblowfish]

I like their sock selection.

[KChiefer]

I just said I now agree with blasé. Who cares what people make. Give him more money! It's just money.

All companies should hire a new CEO and pay them a massive bonus which will hopefully be made back by their restructuring plans to streamline the company(most likely at the bottom of the workforce's expense by wage or numbers employed), watch the unemployment/welfare numbers stay inflated, and then certainly not complain about how our welfare system burdens the hard working CEO tax payers and their billion dollar voices who sway the government to let them pay less in taxes then someone tips their waitress.

[blaise]

Originally Posted by KChiefer

I just said I now agree with blasé. Who cares what people make. Give him more money! It's just money.

All companies should hire a new CEO and pay them a massive bonus which will hopefully be made back by their restructuring plans to streamline the company(most likely at the bottom of the workforce's expense by wage or numbers employed), watch the unemployment/welfare numbers stay inflated, and then certainly not complain about how our welfare system burdens the hard working CEO tax payers and their billion dollar voices who sway the government to let them pay less in taxes then someone tips their waitress.

It's their money.

[qabbaan]

When I read about someone else being successful it fills me with anger and hate.

[Mr. Flopnuts]

Originally Posted by Bump

a lot of people probably work full time there for less than $17,000 per year. But, congrats to him and his fortune.

I can't wait to read the stupid ****ing replies to this statement. The average CEO made somewhere around 15 times their frontline employees when Ronald Reagan took office. Now it's something like 475 times that amount.

But hey, everyone has a chance at it, so who needs a middle class? It doesn't matter if it's completely unrealistic for even 5% of the population to get there, you're special dammit. You'll make it! So, just keep living the dream, and enjoy being a slave.

And honestly, I don't have a problem with it because people line up to do it, and continue to allow it through ignorance when they're visiting the voting polls.

And that's great. In this world you can be a slave, or you can own some. And since I'm not willing to be one, at some point I'll enjoy owning some. Good luck to the rest of you suckers! Oh, and when you hit the bigtime and you're making $75k a year, you're still a ****ing slave. But hey, you've got a nice phone! A tablet, and a laptop, and a really big TV! You've made the bigtime! /batshitcrazyrantover

[blaise]

Originally Posted by Mr. Flopnuts

I can't wait to read the stupid ****ing replies to this statement. The average CEO made somewhere around 15 times their frontline employees when Ronald Reagan took office. Now it's something like 475 times that amount.

But hey, everyone has a chance at it, so who needs a middle class? It doesn't matter if it's completely unrealistic for even 5% of the population to get there, you're special dammit. You'll make it! So, just keep living the dream, and enjoy being a slave.

And honestly, I don't have a problem with it because people line up to do it, and continue to allow it through ignorance when they're visiting the voting polls.

And that's great. In this world you can be a slave, or you can own some. And since I'm not willing to be one, at some point I'll enjoy owning some. Good luck to the rest of you suckers! Oh, and when you hit the bigtime and you're making $75k a year, you're still a ****ing slave. But hey, you've got a nice phone! A tablet, and a laptop, and a really big TV! You've made the bigtime! /batshitcrazyrantover

You think if the CEO made less they'd give it to the $17,000 a year employee or something? I doubt it. They pay them $17,000 a year because that's the market rate, not because that's what's left over after they pay the CEO.

[Mr. Flopnuts]

Originally Posted by blaise

You think if the CEO made less they'd give it to the $17,000 a year employee or something? I doubt it. They pay them $17,000 a year because that's the market rate, not because that's what's left over after they pay the CEO.

Exactly. People are stupid enough to work for that. While it disgusts me that we allow people to work full time and try to survive on that in this ever inflating economy, it is a businesses job to maximize profit.

Now while companies used to give a shit about their employees because they understood those people were paramount to their success, at this point we've reached a point where everyone is replaceable, and companies don't give a shit about their employees living conditions. Yet somehow, they still expect their employees to give a shit about their profits. While it's an entirely unreasonable request, people line up for shit money. They've got kids to feed afterall.

Basically, we're seeing a new form of slave labor in this country now. It's not race based, it's socially economically based. If you're born into nothing, and don't make all the right decisions in your teenage years, you're ****ed for life. And that's fine, someone needs to make our food, right?

[KChiefer]

Originally Posted by blaise

It's their money.

Until they get bailed out. Not saying that would happen with JCP. Instead it'd just be, "We're being bought out to sell Macy's reject items. Oh well, I'll just be leaving with my millions now. Don't forget to tip your waitress."

Maybe this guy will turn them into the Apple of dress socks, deserving that bonus.

I get that it's their money, they can do what they want without be criticized. So does the same go for our opinions on the matter?

[KChiefer]

Originally Posted by Mr. Flopnuts

...at this point we've reached a point where everyone is replaceable, and companies don't give a shit about their employees living conditions. Yet somehow, they still expect their employees to give a shit about their profits....

The CEO is replaceable as well. It just takes 1000 times more than the average employee. It makes sense, the CEO cares about the company a 1000 times more than their employees, because they have time to care instead of clipping coupons.

[blaise]

Originally Posted by Mr. Flopnuts

Exactly. People are stupid enough to work for that. While it disgusts me that we allow people to work full time and try to survive on that in this ever inflating economy, it is a businesses job to maximize profit.

Now while companies used to give a shit about their employees because they understood those people were paramount to their success, at this point we've reached a point where everyone is replaceable, and companies don't give a shit about their employees living conditions. Yet somehow, they still expect their employees to give a shit about their profits. While it's an entirely unreasonable request, people line up for shit money. They've got kids to feed afterall.

Basically, we're seeing a new form of slave labor in this country now. It's not race based, it's socially economically based. If you're born into nothing, and don't make all the right decisions in your teenage years, you're ****ed for life. And that's fine, someone needs to make our food, right?

Comparing the conditions of modern day Americans to slavery is pretty dumb.

And what do you mean, "****ed" for life? At what level of economic comfort does one become no longer, "****ed"?

[blaise]

Originally Posted by KChiefer

Until they get bailed out. Not saying that would happen with JCP. Instead it'd just be, "We're being bought out to sell Macy's reject items. Oh well, I'll just be leaving with my millions now. Don't forget to tip your waitress."

Maybe this guy will turn them into the Apple of dress socks, deserving that bonus.

I get that it's their money, they can do what they want without be criticized. So does the same go for our opinions on the matter?

You can have any opinion you want. I doubt you know whether this is good or bad for the competitive interests of JC Penney though. Screaming about what a CEO makes, unless the company was bailed out, just seems pointless to me.
Even if Penney's does go out of business, how would you know this wasn't a decision they made to try and help them stay in business? Would you rather they just spent $2MM on a CEO and then said, "Well. we're broke now, but we just didn't want to try and hire the best CEO we could. It was just too expensive. Collect your final paychecks at the office."

[qabbaan]

Salaries are not based on what you think a comfortable wage is. They are based on the scarcity of the skills required to do the job. Folding shirts and running a cash register is not exactly a rare set of skills.

While I'm at it, I worked there during my undergraduate work. I didn't know anyone there who wasn't a student except people in the menswear and cosmetics areas who were making commission. (maybe a function of this being at a mall in a college town.) The jewelry people were on commission too. This is why the cashiers are usually about 20 and the older folks work in those areas. Not sure if it works the same today or not.

[patteeu]

Originally Posted by Mr. Flopnuts

I can't wait to read the stupid ****ing replies to this statement. The average CEO made somewhere around 15 times their frontline employees when Ronald Reagan took office. Now it's something like 475 times that amount.

But hey, everyone has a chance at it, so who needs a middle class? It doesn't matter if it's completely unrealistic for even 5% of the population to get there, you're special dammit. You'll make it! So, just keep living the dream, and enjoy being a slave.

And honestly, I don't have a problem with it because people line up to do it, and continue to allow it through ignorance when they're visiting the voting polls.

And that's great. In this world you can be a slave, or you can own some. And since I'm not willing to be one, at some point I'll enjoy owning some. Good luck to the rest of you suckers! Oh, and when you hit the bigtime and you're making $75k a year, you're still a ****ing slave. But hey, you've got a nice phone! A tablet, and a laptop, and a really big TV! You've made the bigtime! /batshitcrazyrantover

You're special dammit. You'll make it!

[Donger]

Originally Posted by Mr. Flopnuts

But hey, everyone has a chance at it

No, that isn't correct.