JCPenney limits future severance packages
By Staff -- Home Textiles Today, 10/24/2008 1:38:00 PM
Plano, Texas – The JCPenney board of directors has conditionally set a cap of 2.99 times annual base salary and target bonus on any future severance agreements with senior executives.
The only exception would be on condition that the stockholders approve such exception.
Currently existing severance agreements would only be affected by the new cap if they are “materially modified,” the company said.
Gary Bryan Christensen - 2008-10-27 17:00:00 EDT
I think the execs should have the same limit a friend of mine got. He was with J.C. Penney for 27 years as a buyer and later department manager. He was "released" over a week ago and got nothing, nada, zip, zelch, zero. He was a good performer, loyal and very well liked. So where is the 2.99% of his annual salary and bonus?
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