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JC Penney President Came, Saw, Collected 10 Million Quit Nine Months

JC Penney President Came, Saw, Collected 10 Million Quit Nine Months

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Published by: christian.lochmueller on Jun 22, 2012
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Home > JC Penney President Mike Francis Came, Saw, Collected $10 Million, And Quit Nine Months Later
JC Penney President Mike Francis Came,Saw, Collected $10 Million, And Quit NineMonths Later
Tyler Durden 
06/18/2012 - 16:54 
Submitted by Tyler Durden
on 06/18/2012 16:54 -0400After Hours
JC Penney
Proxy Statement
Whitney Tilson
If anyone is wondering why the darling stock of Bill Ackman and Whitney Tilson, for whom everycollapse of JCP is a buying gift from god, namely JCPenney, is plunging after hours, it is becausethe company's president, Michael Francis, hired October 4, 2011, has just quit. To wit
: "J. C.Penney Company, Inc. ("jcpenney") (JCP) today announced that Michael Francis will be leavingthe Company, effective today. Chief Executive Officer Ron Johnson will assume directresponsibility and oversight of the company's marketing and merchandising functions." And tothink that just 9 months ago the company CEO Ron Johnson announced, that "I am thrilled towelcome Michael to our team
He is an extremely talented executive with the vision andcourage to re-imagine the department store experience.
His ability to innovate and deepunderstanding of the industry will be invaluable as we set out to transform J.C. Penneyinto America's favorite store
." And while his ability to do anything else appears to have been adud, his ability to read the fine print in his contract, especially where it talks about his perks, wassecond to none. Because despite leaving just 9 months after his hiring,
Francis is entitled tocollect a whopping $9 million in pro-rated signing bonus (alongside $100,000/month insalary): all in all - a tidy package of $10 million for shooting the breeze while observing asinking retail ship
. Not bad for a company whose stock has just plunged to September 2010levels.From the firm's proxy statement
Michael R. Francis. Mr. Francis’s offer letter, dated October 3, 2011, provided for the following: Base salary of $1,200,000 Participation in our Management Incentive Compensation Program, with a target bonus equal to 100% of base salary, with a maximum bonus equal to 200% of base salary (prorated for 2011)
C Penney President Mike Francis Came, Saw, Collected $10 Million, A...http://www.zerohedge.com/print/4495361 de 419/06/2012 08:49 a.m.
With such generous shareholders, is it any wonder the stock has collapsed on the news? That,and of course the stamp of disapproval that the now former President has given the firm.
Here is the stock probing fresh 52 week lows.An inducement equity award of 1,000,000 RSUs granted on November 16,2011One-third of the RSUs will vest on November 16, 2015, November 16,2016 and November 16, 2017 as long as Mr. Francis remains continuously employed by us RSUs will pro rata vest if Mr. Francis is terminated by us without cause prior to vesting RSUs will fully vest if, within two years of a change in control, his employment is terminated other than for cause or if he terminates his employment for good reason 
A sign-on cash bonus of $12,000,000 Mr. Francis must reimburse us for a prorated portion of the bonus if he voluntarily terminates his employment for any reason 
other than death or disability or if we terminate his employment for cause 
prior to October 4, 2012 
Participation in our 2011 Change in Control Plan Participation in certain perquisites and benefits as an executive officer of the Company 
C Penney President Mike Francis Came, Saw, Collected $10 Million, A...http://www.zerohedge.com/print/4495362 de 419/06/2012 08:49 a.m.
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After Hours JC Penney None Proxy Statement Whitney Tilson
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[1] http://www.zerohedge.com/users/tyler-durden[2] http://www.zerohedge.com/taxonomy_vtn/term/9919[3] http://www.zerohedge.com/taxonomy_vtn/term/8440
C Penney President Mike Francis Came, Saw, Collected $10 Million, A...http://www.zerohedge.com/print/4495363 de 419/06/2012 08:49 a.m.

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