NEW YORK - JC Penney Co. says its new CEO Ron Johnson, who is re-inventing the mid-brow department store retailer, received compensation worth $53.2 million in 2011.
Johnson, a former Apple executive, joined the Penney board last August and became the company's CEO in November.
He received a base salary of $375,000, but the largest share of his pay came from stock awards valued at $52.6 million, according to documents filed with the Securities and Exchange Commission late Wednesday.
Johnson also got a performance-based cash bonus of $236,302, which was pro-rated on his actual period of service.
Johnson received other compensation of $13,275 that covered perks like the cost of his personal use of corporate aircraft.
Johnson succeeded Mryon Ullman III, who had been at Penney's helm since December 2004.