March 7 (Bloomberg) -- Ron Johnson, the former J.C. Penney Co. chief executive officer who was ousted last year after a controversial attempt to modernize the retail chain, didn’t receive severance when he left the company.
Johnson and Chief Talent Officer Daniel Walker, who also resigned in April 2013, both didn’t receive severance payments, according to a company filing today. Michael Kramer, the former chief operating officer, did get a payout, though the company reduced his termination agreement by $1 million. He was paid a total of $2.35 million last year.
The lack of severance serves as an endnote to Johnson’s tumultuous career at J.C. Penney. After arriving at the department-store chain from Apple Inc. in late 2011 with great fanfare, he oversaw a 25 percent plunge in sales. Johnson’s predecessor as CEO, Mike Ullman, retook the reins last year and undid many of the changes.
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