JCP Limits Severance Packages
By Staff -- Home Textiles Today, 11/3/2008 12:00:00 AM
Plano, Texas — —
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 the condition of stockholders' approval. Currently existing severance agreements would only be affected by the new cap if they are “materially modified,” the company said.
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