JCPenney's top execs get big bonuses after company furloughs majority of its associates
J.C. Penney Company, Inc. said in a regulatory filing over the weekend that it paid big-dollar bonuses to multiple executive officers within the company just weeks after it announced it would be furloughing the majority of its hourly store associates amid the economic strain caused by the COVID-19 pandemic.
The corporation said in the filing on Sunday that the bonuses were paid to four of its named executives officers (NEO) under a pre-paid compensation plan (PCP) it adopted. The move, the company said, was approved by its board of directors upon “recommendation of its Human Resources and Compensation Committee.”
As part of the plan, Jill Soltau, chief executive officer (CEO) of the company received $4.5 million. Separate payments of $1 million were also awarded to Bill Wafford, executive vice president and chief financial officer, Michelle Wlazlo, executive vice president and chief merchant, and Brynn L. Evanson, who is also an executive vice president at the company as well as chief human resources officer.
The filing comes more than a month after the corporation announced that it had decided to temporarily furlough the majority of its store hourly associates starting April 2 after it closed its stores due to the novel coronavirus pandemic.
https://thehill.com/policy/finance/497880-jcpennys-top-execs-get-big-bonuses-after-company-said-it-would-furlough
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