Ron Johnson Was Guaranteed A $150 Million Payout If He Was Fired Or Left On His Own
After a tumultuous run as CEO, Ron Johnson is officially out at JCPenney. And it looks like he got a huge chunk of change if he was fired or voluntarily resigned.
According to the company's most recent SEC filings earlier this month, Johnson was guaranteed the same amount — almost $150 million — if he resigned or was terminated (with or without cause.)
Click the SEC filing to enlarge.
This package looked different in March 2012, when Johnson would have walked out with $250 million under the condition of voluntary resignation, retirement, and involuntary termination without cause. Termination with cause, however, would have only paid out $22 million.
Last week it was also revealed that Johnson's pay package went down 97 percent.
Johnson came into the company 15 months ago determined to turn around the company by making drastic changes including getting rid of the company's popular coupons program. By Q4 sales were down 32 percent.
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