[haffast]

The guy he replaced got:

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/

[GeronL]

how does one accrue $10,000 a month vacation time?

[GOPJ]

...$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.

Looks like the board that hired this guy isn't on the ball either. (Not a good sign for JCP) Maybe next time - if there is a next time - the big bucks will start in the 3rd year. A little incentive goes a long ways...

[jeffc]

When will companies start doing these contracts on a realistic basis? IOW, "We'll pay you a base salary and if you bring up the bottom line and increase sales and increase market share you will get "X" in bonuses. If you can't do this in 24 months, your outta' here with nothing but what we already paid you".