JC Penney CEO: $53 million in 2 months

[OhioChick]

onald Johnson collected more in the final 61 days of 2011 than most CEOs get in a year -- and his predecessor got more than most as well.

Trying to shake off a multiyear slump, JC Penney (JCP) is rolling out a new pricing plan to draw in more of its core shoppers -- folks who have been decidedly crimped by hard times.

With help from comedian Ellen DeGeneres, the retailer is pushing what it calls its "fair and square" strategy. Instead of displaying initial prices on items and then rolling them back with sales and coupons, the store dropped prices across the board -- low prices, every day.

Behind the scenes at Penney, the top guy gets very high pay every day. Ronald Johnson, brought in as CEO on Nov. 1, spent just two months as chief last year. But he pulled down what was surely one of the biggest CEO salaries for 2011, topping most of those who toiled all 12 months.

Johnson got an impressive $53 million, along with $13,000 worth of personal use of the corporate jet. For managing to make so much in just 61 days -- while his company touted a thrifty new strategy -- I'm making Johnson my "One Percenter of the Week."

More: http://money.msn.com/investing/jc-penney-ceo-dollar53-million-in-2-months

And the rich get richer......

[randome]

1. The salary is obscene.

But the new 'permanent sales' is classy. And with Ellen DeGeneres, to boot! Hope it succeeds.

[aptal]

2. And of course their net income has increased over 55% in the last 2 years

So someone is doing something right.

That means more jobs, more profits for investors, more everything.

I don't know if you have a 401k, but I do... as do millions upon millions of people working.

I guarantee if you look in that 401k, JCP is in there somewhere.

[Courtesy Flush]

3. That means the average store clerk makes about $1.5 million a year, plus perks.

Any JCP employees here who can confirm this?

They seem to be a very generous company!!!

[onehandle]

4. He made Target and the Apple Store what they are today.

That being said, he hasn't achieved anything at JC Penney yet, and this salary is absurd.

[sarcasmo]

5. Greed makes me ill and this is pure Greed.

[MichiganVote]

6. Their new sales program stinks. They never have enough of any one article.

I used to shop there but forget it, deciphering their marketing is too time consuming.

[NV Whino]

7. I wish we still had a JC Penny store

In the mean time, kudos for permanent low prices.