JCPenney limits future severance packages
October 24, 2008-- Home Textiles Today,
Plano, Texas – The JCPenney board of directors has conditionally set a cap of 2.99 times annual base salary and target bonus on any future severance agreements with senior executives.
The only exception would be on condition that the stockholders approve such exception.
Currently existing severance agreements would only be affected by the new cap if they are “materially modified,” the company said.