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Tag - JC Penney
Apple CEO Tim Cook was the highest-paid CEO of 2011, according to a study released by the Hay Group and the Wall Street Journal. Cook's package for the year was valued at $378 million, although most of it is locked up in the form of stock grants issued after he took control from Steve Jobs in August. The first half of the shares will vest in 2016; the remainder will follow in 2021, contingent on Cook staying with Apple.
As a part of a management expansion, JC Penney has hired a core member of Apple's retail design staff, Benjamin Fay, as its new executive VP of real estate, store design and development. The press release contains a statement from JCP CEO Ron Johnson, who was long the head of Apple's retail division until he left last November. "Ben is an incredibly creative professional with extraordinary leadership skills. Having worked with him over the last 12 years, I am delighted to see Ben step into this new role at jcp," the quote reads. "His design influence has made the Apple stores highly regarded retail destinations around the world, and I am excited to have Ben place his own mark on jcp as we re-imagine the jcpenney store of the future."
In all Apple CEO Tim Cook pulled in about $378 million in 2011, even if most of that money won't be available to him for years, according to the New York Times. The bulk, $376.2 million, consisted of a one-time stock grant that won't vest unless Cook stays with Apple for 10 years. In terms of immediate pay, his combined salary, bonuses, and miscellaneous perks during the year amounted to $1.8 million.
Former Apple head of retail Ron Johnson, now CEO of JC Penney, has had to defend one of his first decisions in the face of an online campaign to force the company to abandon its new spokesperson, comic and talk show host Ellen DeGeneres. Accusing the company of "jumping on the pro-gay bandwagon" by hiring DeGeneres, who is an open lesbian, the 40,000-member group "One Million Moms" posted a note on Facebook and called on its members to call the retail chain.
Eolas' attempt to patent the "interactive web" may have been dealt a permanent blow after a jury in the normally patent lawsuit-friendly town of Tyler, Texas ruled that the patent was invalid. The decision negated both any attempts at claiming damages and also negated three future trials. The rejection came in part after testimony from the spiritual creator of the web, Tim Berners-Lee, as well as individual creators whose work predated that of Eolas owner Michael Doyle.
ForeSee late Tuesday gave the nod to technology-driven online shops for satisfaction with online shopping during the holidays. Amazon led the group with a new high of 88 points. A one-point climb by Apple was enough to put it at a new high of 83 and a five-way tie with Avon, QVC, VistaPrint, and JC Penney, now headed by Apple's former retail VP Ron Johnson.
Ron Johnson, Apple's outgoing retail head, will only be assuming full duties as JC Penney CEO on February 1st, a report says. Johnson is officially slated to take the CEO title on November 1st, but in explanation JC Penney states that he will initially handle only marketing and merchandising. The plan is for a three-month transition, with Johnson's predecessor -- Myron Ullman III -- serving as executive chairman.
(Updated with an Apple statement) Apple lost a cornerstone of its retail efforts on Tuesday as its retail VP Ron Johnson exited to become the CEO of JC Penney. He would replace Mike Ullman in the top spot on November 1 and would join the board of directors on August 1. Ullman would stay on as executive chairman of the board.