J.C. Penney (NYSE: JCP ) CEO Ron Johnson earned $1.5 million in base salary in 2012, in addition to nearly $389,000 in "other compensation," consisting of $344,213 for personal use of Penney's corporate aircraft, $11,250 in savings plan contributions, nearly $30,000 for home security, and $3,235 for information technology services, according to a Tuesday filing with the SEC.
Johnson's compensation for 2012 was a marked decrease from the prior year, when he earned a total pay package of over $53 million, the majority of which consisted of stock awards amounting to approximately $52.66 million. This week's SEC filing shows no stock awards for Johnson for 2012. Johnson took over as CEO on Nov. 1, 2011.
The drop in pay comes as the struggling retailer attempts to implement significant operational changes, including Johnson's "store within a store" concept, moving away from traditional sales and coupons, and a shift to everyday low prices.