J.C. Penney Ex-CEO Ron Johnson Didn’t Get Severance Pay
Ron Johnson, the former J.C. Penney chief executive who was ousted last year after a controversial attempt to modernize the retail chain, didn't receive severance when he left the company. Johnson and Chief Talent Officer Daniel Walker, who also resigned in April 2013, both didn't receive severance payments, according to a company filing yesterday. Michael Kramer, the former chief operating officer, did get a payout, though the company reduced his termination agreement by $1 million. He was paid a total of $2.35 million last year. The lack of severance serves as an endnote to Johnson's tumultuous career at J.C. Penney.