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.
Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Kohl's Takes the Retail Crown After a Busy Holiday Season
Retail trends improved dramatically during the holiday months compared to the rest of 2017, lifting many department stores out of their recent sales funk.
Why J.C. Penney Stock Growth is No Sure Thing
The company has reported some good news, but it's just a start.
Some Struggling Retailers Had a Happy Holiday Season
A few chains have reported on their November and December sales, and the news is good.