J.C. Penney Co. Chief Executive Officer Ron Johnson, who is struggling to overhaul the department-store company, had his total compensation cut to $1.89 million last year.
Johnson, 54, received $1.5 million in salary and $344,000 for personal use of the corporate aircraft, according to a filing yesterday. The former Apple Inc. retail chief was awarded $53.3 million in salary, bonus, stock awards and other compensation in 2011, the year he took over as CEO of the Plano, Texas-based retailer.
Johnson has come under fire after J.C. Penney's annual sales slid 25 percent to $13 billion, the lowest since at least 1987, during his first year at the company. A shift to everyday low prices, marketing missteps and an attempt to move away from sales and coupons have alienated longtime shoppers. Johnson has been working to improve results by adding boutiques and new items from brands such as Martha Stewart and Joe Fresh.
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