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J.C. Penney CEO Takes Major Pay Cut

J.C. Penney has been desperately attempting to change its image, but are their efforts going unnoticed? Apparently, J.C. Penney's CEO, Ron Johnson, just took a pay cut of almost 97 percent, to $1.9 million.

In addition to this major pay cut, not a single top executive received a cash bonus for the year. Johnson has been given at least another couple of quarters to turn around the company. He was only hired a little over a year ago.

So what does this mean? Is J.C. Penney's leadership team at fault for the dismal sales of the once lucrative department store? Or is it something else?

Ally | Elite.

Photo Credit: Getty Images

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Ally Batista

Contributor

Ally is a preppy tomboy who loves all things football and fashion. She's a housewife in training and is known as the highly opinionated, and sometimes rude, first woman of Elite Daily. Be prepared to always be caught off guard.
Ally is a preppy tomboy who loves all things football and fashion. She's a housewife in training and is known as the highly opinionated, and sometimes rude, first woman of Elite Daily. Be prepared to always be caught off guard.

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