It’s been well reported that CEO Ron Johnson is out at J.C. Penney Co., following the company’s dismal performance since he took over. (Since joining JCP, shares have plummeted more than 50 percent.)
So what does this mean for JCP’s chief talent officer, Dan Walker, who previously served as CTO at Apple during Johnson’s tenure there? Today’s Wall Street Journal is reporting sources as saying that “other Apple veterans at the top of Penney are likely to follow Mr. Johnson out the door.”
Among those “most vulnerable,” the article says, are COO Mike Kramer and Walker. (The Journal reports Kramer and Walker didn’t respond to requests for comment.)
The article also reports:
Many longtime Penney’s employees said they felt that new hires [from Apple] judged them or felt that they weren’t smart. Apple references were constant.”
In Johnson’s case, he’s not going to be leaving with the typical seven-figure package. “Johnson opted not to enter into a termination pay agreement, according to the company’s latest proxy, which says the former CEO would be entitled only to any unpaid salary and $143,924 from a savings plan and the value of unused vacation,” according to the Journal.
Walker, however, would apparently do a bit better. Forbes reports that the CTO would see about $4 million were he to lose his job without cause.
Some of you may recall Walker topped our HR Elite list last year, with a total comp package of around $20 million.