He practically ran JCP into the ground. So, what kind of “compensation” package did he get (unlike some regular employee who gets fired)?
Golden Parachute: After his short stint as J.C. Penney president (about eight months), Michael Francis received $4.7 million in 2012 under his termination pay agreement. Here’s how that breaks down: $3,600,000 severance payment representing 18 months of base salary plus incentive compensation at target, $455,738 partial year incentive compensation payment at target, $26,212 for medical, dental and life insurance, $25,000 for financial counseling services and $80,769 for accrued but unpaid vacation. The amounts shown also include the value of the following perquisites received by Francis: personal use of corporate aircraft, $49,325 and financial counseling services, $14,500.
Francis also got to keep his $12 million sign-on bonus from 2011. There was a stock award too. The prorated amount vested was valued at about $2 million of a potential $32 million if he had stayed around a few years.
http://bizbeatblog.dallasnews.com/tag/ron-johnson/