JC Penney CEO Gets 96% Pay Cut

Let's just say Ron Johnson's 2012 was not quite as good as his 2011. The JC Penney CEO worked just two months in 2011 and got $53.3 million for his troubles, the vast majority of it in stock; but last year his compensation was slashed a staggering 96%, reports the New York Times. He walked away from 2012 having made $1.9 million in pay and perks, per yesterday's regulatory filing: a $1.5 million salary, with the rest representing personal travel on corporate aircraft (his work commute takes him from California to Texas) and security at his home. Oh, and no bonus, USA Today reports.

Though the drop is a big one, the news isn't exactly a big shock: The retailer is struggling mightily and posted $1 billion operating loss for the year, with shares dropping 44%; they're off 26% this year. "The company underwent tremendous change as we began shifting our business model from a promotional department store to a specialty department store," reads yesterday's filing. "Fiscal 2012 was tougher than expected." Click for more on JC Penney's "disastrous" year. (More JCPenney stories.)