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J.C. Penney execs left without severance

Plano, Texas – Two major J.C. Penney Co. Inc. executives who left the company in April 2013 did so without receiving severance pay. According to a regulatory filing from Penney, neither former CEO Ron Johnson nor former chief talent officer Daniel Walker were paid any severance when they left the retailer.

Johnson was fired and Walker resigned. Former COO Michael Kramer received a reduced termination fee of about $2 million when he resigned in April 2013. Johnson, who hired both Walker and Kramer, came on board at Penney in November 2011 and saw the company’s sales drop 25% during 2012.

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