Read It and Weep

It seems the Board of Directors of J.C. Penney are really upset with how the company is going, and they've decided to punish their CEO.

In a bold if not unprecedented move, they've slashed the CEO's pay--by 97%!

Quoted the New York Times: “The C.E.O. is certainly being given a message,” said Kent Hughes, managing director at the proxy advisory firm Egan-Jones Ratings Company. 

And what a message!  Somehow this guy has to make do on only 3% of his regular pay.  Hard to imagine how he can do it and still concentrate on turning the company around to please the board.

Yes, unless he dips into his savings or his stock portfolio or even his retirement, he and his family are going to have to make do for the entire year on only $1.9 million.