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

[Saul Good]

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

Maybe companies have figured out that, unless you have the best QB in the league, it really doesn't matter how good your hotdog vendors are.

If I'm a stockholder, give me the best CEO, and you can have the 475 best sock folders.

[Mr. Flopnuts]

Originally Posted by Saul Good

Maybe companies have figured out that, unless you have the best QB in the league, it really doesn't matter how good your hotdog vendors are.

If I'm a stockholder, give me the best CEO, and you can have the 475 best sock folders.

How much stock do you own? How much more does it net you in profit than your salary does? How does that stack up with the average American I'm discussing here? And if we're being honest, were is the disconnect?

[Saul Good]

Originally Posted by Mr. Flopnuts

How much stock do you own? How much more does it net you in profit than your salary does? How does that stack up with the average American I'm discussing here? And if we're being honest, were is the disconnect?

I guess I don't understand your question. The goal of a business is to make money. A side-effect of a profitable business is that it provides jobs for workers. Nobody creates a business so they can pay a bunch of slapdicks more than they are worth. And make no mistake, people who make $17,000 a year working full-time for an extended period of time are slapdicks. (Don't bore me with the exception to the rule.) If there is one thing that large retailers are good about, it's quickly promoting their good employees through the ranks.

If a worker doesn't get paid enough, he/she needs to do something that produces more of a value to someone. It's really no more complicated than that. A CEO gets paid 475 times what a sock folder makes because if sock folders suck, you get wrinkly socks whereas if a CEO of a multinational corporation screws up, it goes bankrupt, millions of people lose money in their 401Ks, thousands of people lose their jobs, etc.

[Mr. Flopnuts]

Valid point Saul.

[Saul Good]

Originally Posted by Mr. Flopnuts

Valid point Saul.

Thanks. I feel like the "99%" direct their anger at the wrong targets. Ideally, businesses would all be run by the most talented people thus ensuring that the economy thrives, jobs are plentiful, and everyone wins (albeit to wildly varying degrees).

The economy is an ecosystem, and these occupy tools are like the little Plover birds that pick food from alligators' teeth. The alligator makes the kill, and the alligator eats the bulk of the meal. The bird gets to eat the scraps because he provides a little bit of value to the alligator. If the bird decided to stop cleaning teeth and chose instead to eat straight from the antelope carcas, the bird would die.

Thus the bird has two choices; enjoy the scraps or kill an antelope. If the bird doesn't possess the necessary skills to kill an antelope, I would suggest that it do everything it can to make sure those teeth are clean and healthy thus enabling the gator to keep catching prey. There are plenty of birds, but there are only so many gators.

[Bump]

It's not just JCP, it's EVERY single corporation now, or it most certainly will be soon. Has anyone else noticed lately that the cost of living, the cost of groceries, the cost of everything has increased significantly but wages have remained the same and CEO's all over are bragging about record profits.

If you play the card, well own your own business, get a better job, work for a better company. Those aren't options for a lot of people! What are they supposed to do?

Fact is, we're struggling big time and it's gonna keep getting worse. At these corporations, benefits are being stripped left and right. Even if it's something that made your day better, like being allowed to go smoke a cig or something, whatever, it's gone! Going to college doesn't mean shit anymore either, so what the **** are people supposed to do?

There are no values in these corporations anymore. Companies are getting hundreds of apps per week and now the mentality is, don't like it? Bye, we have plenty of people lining up to replace you. People just don't matter anymore.

[Saul Good]

Originally Posted by Bump

It's not just JCP, it's EVERY single corporation now, or it most certainly will be soon. Has anyone else noticed lately that the cost of living, the cost of groceries, the cost of everything has increased significantly but wages have remained the same and CEO's all over are bragging about record profits.

If you play the card, well own your own business, get a better job, work for a better company. Those aren't options for a lot of people! What are they supposed to do?

Fact is, we're struggling big time and it's gonna keep getting worse. At these corporations, benefits are being stripped left and right. Even if it's something that made your day better, like being allowed to go smoke a cig or something, whatever, it's gone! Going to college doesn't mean shit anymore either, so what the **** are people supposed to do?

There are no values in these corporations anymore. Companies are getting hundreds of apps per week and now the mentality is, don't like it? Bye, we have plenty of people lining up to replace you. People just don't matter anymore.

I don't give a **** about the problems of a person who writes a post like this.

I can't get a better job or start my own business, so successful people need to pay me more money to be worthless.

Boo ****ing hoo. I've got a woman cleaning my house right now as I type this who probably makes more money than you ever will. I don't know anything about you, but I would bet everything I own that you've had more opportunities in life than she did.

Clean somme houses. Push a mower. Detail a car. Tutor some kids. Shovel snow. All of those things pay better than bitching.

BTW, those giant corporations you like to bitch about became giant corporations by being smarter and delivering better products and services than their competitors. Part of that involves advancing their best employees and not giving a shit about the losers.

A friend of mine started working at Von Mauer in the gift wrapping department in Chicago when she was 16. By the time she was 22, she was the GM of the store they built in Overland Park. She then moved to Omaha to run that store.

If a 16 year old girl can go from gift wrap to running a 200,000 square foot store in 6 years, there's no reason a grown man can't make a solid living for himself.

[Bump]

Originally Posted by Saul Good

I don't give a **** about the problems of a person who writes a post like this.

I can't get a better job or start my own business, so successful people need to pay me more money to be worthless.

Boo ****ing hoo. I've got a woman cleaning my house right now as I type this who probably makes more money than you ever will. I don't know anything about you, but I would bet everything I own that you've had more opportunities in life than she did.

Clean somme houses. Push a mower. Detail a car. Tutor some kids. Shovel snow. All of those things pay better than bitching.

BTW, those giant corporations you like to bitch about became giant corporations by being smarter and delivering better products and services than their competitors. Part of that involves advancing their best employees and not giving a shit about the losers.

A friend of mine started working at Von Mauer in the gift wrapping department in Chicago when she was 16. By the time she was 22, she was the GM of the store they built in Overland Park. She then moved to Omaha to run that store.

If a 16 year old girl can go from gift wrap to running a 200,000 square foot store in 6 years, there's no reason a grown man can't make a solid living for himself.

I'm not talking about me dipshit. I'm talking about 50% or more of this country and the really really hardtimes we are going to face in the very near future as a result of this corporate greed. Get a ****ing clue dude.

[Saul Good]

Originally Posted by Bump

I'm not talking about me dipshit. I'm talking about 50% or more of this country and the really really hardtimes we are going to face in the very near future as a result of this corporate greed. Get a ****ing clue dude.

If 50% of the population is a bunch of lazy losers who aren't willing to help themselves, then **** 50% of the population. Let them "occupy" shit-riddled shanty towns while doing drugs and wonder why their lives suck.

[Bump]

Originally Posted by Saul Good

If 50% of the population is a bunch of lazy losers who aren't willing to help themselves, then **** 50% of the population. Let them "occupy" shit-riddled shanty towns while doing drugs and wonder why their lives suck.

you just cannot see the trend that I can see. Yeah, **** the middle class and hardworking people trying their best. **** THEM ALL, they are basically slaves and aren't on the same level of humanity as you are. Congrats on being better than everybody else.

[patteeu]

Originally Posted by Bump

you just cannot see the trend that I can see. Yeah, **** the middle class and hardworking people trying their best. **** THEM ALL, they are basically slaves and aren't on the same level of humanity as you are. Congrats on being better than everybody else.

Didn't I just read that you think you're better than everybody else, too?

Originally Posted by Bump

I'm not talking about me dipshit. I'm talking about 50% or more of this country and the really really hardtimes we are going to face in the very near future as a result of this corporate greed. Get a ****ing clue dude.

OK, I guess I remembered wrong. You're just saying that you're better than most of us.

[Bump]

Originally Posted by patteeu

Didn't I just read that you think you're better than everybody else, too?



OK, I guess I remembered wrong. You're just saying that you're better than most of us.

that was sarcasm when I said "**** the middleclass and **** them all"

I wasn't seriously saying to **** them all like Saul Good.

All I'm saying is that we are in a downward spiral and even those people who work for shit ttha are just too stupid and lazy as you people believe, it will effect everybody eventually, except for the elite.

[Saul Good]

Originally Posted by Bump

that was sarcasm when I said "**** the middleclass and **** them all"

I wasn't seriously saying to **** them all like Saul Good.

All I'm saying is that we are in a downward spiral and even those people who work for shit ttha are just too stupid and lazy as you people believe, it will effect everybody eventually, except for the elite.

I'm not saying **** the middle class. If your household is making $40,000 to $100,000, you're middle class in the US, but you're the 1% worldwide.

If you're making $17,000 and just can't find a way to get promoted, find a better job, or create your own income independently, **** you for being lazy and stupid. You can get hit by a bus for all I care. The world is better without your worthless ass. Oh no! Now who's going to get high and watch television now that Dipshit McGee's meaningless life has ended?

[KChiefer]

J.C. Penney and Ron Johnson still struggling in turnaround effort

By James O'Toole @CNNMoney February 28, 2013: 7:20 AM ET

Former Apple Store guru Ron Johnson has been working for more than a year to turn J.C. Penney around. It's not going very well.

Johnson, who previously worked at Apple (AAPL, Fortune 500) and spearheaded the company's retail-store strategy, took over at J.C. Penney in November of 2011 and has since announced a series of new initiatives aimed at revamping the struggling chain. The company has overhauled its pricing, redesigned its store layouts, and has even begun offering kids free haircuts.

But for all Johnson's efforts, investors haven't been impressed. Shares have fallen nearly 50% over the past year amid steep losses.

Those losses accelerated in the fourth quarter of last year, the company said Wednesday afternoon. J.C. Penney reported a fourth-quarter loss, excluding certain charges, of $427 million, or $1.95 a share, badly missing analyst estimates.

Sales were $3.88 billion, down 28% from a year prior and also short of estimates. Overall for 2012, same-store sales plunged 25%, while online sales fell 33%.

J.C. Penney (JCP, Fortune 500) shares sank 16% in premarket trading Thursday.

Johnson acknowledged that sales and customer traffic were "below our expectations in 2012," but attempted to put a positive spin on the results.

"[A]s we execute our ambitious transformation plan, we are pleased with the great strides we made to improve J.C. Penney's cost structure, technology platforms and the overall customer experience," he said in a statement.

Speaking in a presentation for analysts Wednesday afternoon, Johnson said the company had "made some big mistakes, and I take personal responsibility for these." The company's marketing, he said, "didn't connect very well with our customers last year."

The company changed its pricing last year, moving away from short-lived sales and discounts in favor of a three-tiered pricing structure: everyday low prices, month-long sales on seasonal items and "best prices," or clearance promotions. Johnson later acknowledged that this had proved confusing to customers, however, and pared down the price levels to two: everyday low prices and clearance.

The company has now decided to continue sales after all, offering them "each and every week as we move forward," Johnson said.

"We worked really hard and tried many things to help the customer understand that she could shop any time on her terms, but we learned she prefers a sale," Johnson said.

"She needs to feel she added value to her family through the savings she got from being a savvy shopper."

J.C. Penney also hopes to eliminate checkout counters in favor of mobile- and self-checkout, and is developing "mini-stores" dedicated to particular brands like Levi's and Liz Claiborne within its larger department stores.

One of those mini-store deals was inked with Martha Stewart's company, Martha Stewart Living Omnimedia (MSO). Rival department-store chain Macy's (M, Fortune 500) sued both firms over the arrangement last year, claiming it had an exclusive agreement with MSLO, and the three companies are currently duking it out in a New York court.

The move to online shopping has been tough on many retailers, with chains like Linens 'n Things, Circuit City and Borders going out of business in recent years.

http://money.cnn.com/2013/02/27/news...ies/jc-penney/

Man, Ron Johnson is killin' it! Literally...killing it...

[Prison Bitch]

I think exec compensation is out of control but it is their capital at stake, so they can decide to pay him 50m if they want to. If people are upset they should (a) not work there and (b) organize to boycott the company utnil they rid themselves of granting such pay packages.



I will say that I haven't seen one person yet complain about Andy Reid's 7.5m salary. Which is outrageous IMO, for a guy who was just fired. 7.5m to coach football games? Really?