Why? Why does a man who is dedicated to a companies direction and financial well-being take 53M a company doesn't have? We all know that this doesn't have a happy ending. At some point you are going to finish the raping of this iconic retailer. Hiring all these overpriced friends of yours is not surprising. I would say that you and your cronies that know NOTHING about retail clothing are more of the type of scavengers that are starting to circle this carcass. Next are the creditors and bondholders. Unfortunately, that's all I see circling...it's surely not all those customers that your 53M should be buying. I hope you can sleep at night. I wouldn't think that becoming a CEO of a declining retailer like JCP wouldn't warrant a parachute clause due to risk. That means you would welcome being fired at this point. The biggest risk that you've made for the company is letting in your buds and taking the money. How did the JCP board let this happen? WHY YOU? Being a retail head for Apple isn't rocket science. As proud as they are of their products and making people think they are exclusive will someday crash around their ears. Inventing the sales bar? That the heck does it take to invent that? An MBA? Doesn't mean that you know anything about setting up a store with meaning. I think you have blundered this approach and failure is eminent. Stores aren't so much the issue...malls are. People just aren't going there as much. Sears shows that. Your approach is assuming that people are going to come because you have something that they need...You DON'T! Morph to fit the times but don't sit on your hands with the malls...that's your mistake. "Build and they will come" went out with the "Field of Dreams". Unfortunately for me and millions of Americans this is turning into a NIGHTMARE!!!
He's a victim too....JC Penney needed to give him that money because he was surrendering UNVESTED stock options back to Apple. They lured him away with this payment. Had Johnson stayed with Apple, he would be 100 Million dollars RICHER today. That's a BIG loss....HUGE. JCP did him NO FAVORS.
Ron Johnson is NO victim. And when he left, it wasn't at the $100 million you mentioned. The employees who no longer have a job and the ones still there that are struggling to pay their bills are the victims. Ron got the title he wanted - CEO. And he knew what he was giving up to get that title. He does not and will not have any money worries -unlike the many he is leaving behind in his wake. The final chapter is still waiting to be written on the elderly collecting or hoping to collect their meager pensions that may or may not be there once he is done destroying this company. He should cover all the mirrors in his house so he doesn't have to look at himself. He will rot in hell.