Teacher:In this task, you are given a text of many news articles seperated by special token "|||||". Your task is to summarize them.
Teacher: Now, understand the problem? Solve this instance: For fiscal 2012, J. C. Penney lost more than $4 billion in sales as traffic declined. Its stock now trades at $14.55, less than half of its price when Mr. Johnson’s appointment was announced in June 2011. It had $13 billion in sales for fiscal 2012, well below its competitors Macy’s and Kohl’s. 
  
 Mr. Johnson had earned $53.3 million in total compensation in 2011 for the two months he served as chief executive. Most of the compensation was in stock to replace the stock he left behind at Apple, his former employer. In 2012, his total compensation was reduced to a $1.5 million salary, with no stock awards and no bonus. He was given about $345,000 for personal use of a corporate aircraft, $30,000 for a home security system, and $3,000 for information technology services, for a total of about $1.9 million. 
  
 Photo 
  
 According to the filing, Mr. Johnson’s target cash compensation was $3,375,000. 
  
 “There are a bunch of goose eggs there in every category except the one in perks, which is still limited,” Mr. Hughes said, adding that it was unusual for a chief executive who had been on board a short time to have such a low salary. While corporate governance advocates might object to the use of the aircraft, “it’s really the only thing he’s got, other than a small-by-modern-C.E.O.-standards cash salary,” he said. 
  
 Retail chief executives generally receive higher compensation than Mr. Johnson. At Kohl’s, which had a tough year, the chief executive Kevin Mansell received $7.8 million in compensation in 2012, about 80 percent of what he’d received the previous year, when Kohl’s posted better results. And Mr. Johnson’s predecessor at Penney, Myron E. Ullman III, received $13.1 million in compensation in 2010, his last full year as chief executive. 
  
 Newsletter Sign Up Continue reading the main story Please verify you're not a robot by clicking the box. Invalid email address. Please re-enter. You must select a newsletter to subscribe to. Sign Up You agree to receive occasional updates and special offers for The New York Times's products and services. Thank you for subscribing. An error has occurred. Please try again later. View all New York Times newsletters. 
  
 Michael W. Kramer, whom Mr. Johnson brought in as chief operating officer, received $33.4 million in total compensation in 2011. He received a little over $1 million in 2012. 
  
 And the chief talent officer, Daniel E. Walker, another of Mr. Johnson’s hires, who was given $20.2 million in 2011, in 2012 walked away with $731,385. 
  
 Only the two veterans among the top executives had compensation within similar ranges in 2011 and 2012. Michael P. Dastugue, the former chief financial officer who left in April 2012, got $3.1 million in 2012, and $4.3 million in 2011. Janet L. Dhillon, the general counsel, received $3.7 million in 2011, and $2.7 million in 2012. 
  
 But across the board, not a single bonus or nonstock incentive award was given to top executives in 2012. 
  
 Advertisement Continue reading the main story 
  
 Compensation experts said the board had reacted properly to the company’s dismal performance. 
  
 “Critics often argue that the C.E.O. has control over the board (and compensation committee) and so can extract high pay irrespective of firm performance, but this seems to be an example of pay being linked to performance,” Alex Edmans, an assistant professor of finance at the Wharton School at the University of Pennsylvania, said in an e-mail. 
  
 “Whether or not the current leadership team is what J. C. Penney needs right now in terms of skill sets and vision is a different matter,” said Camelia M. Kuhnen, an associate professor of finance at Kellogg. “But with respect to whether the board has the right incentives in place, the answer is yes.” 
  
 Penney declined to comment. ||||| Ron Johnson's annual compensation was less than $2 million in 2012 after struggling retailer posted $1 billion in losses. 
  
 J.C. Penney CEO Ron Johnson's 2012 compensation included a $1.5 million salary and nearly $350,000 worth of personal travel on corporate aircraft. (Photo: Bebeto Matthews, AP) Story Highlights Former Apple exec received $52.7 million in stock in 2011 
  
 Retailer's 2012 struggles net Johnson just $1.9 million in pay and perks 
  
 Penney says turnaround is multiyear process 
  
 What a difference a year makes. 
  
 Ron Johnson, who received a 2011 stock grant worth $52.7 million when he was hired to reinvigorate J.C. Penney, received just $1.9 million in his first full year at the now-struggling retailer. 
  
 In a Tuesday proxy filing, J.C. Penney said Johnson's 2012 compensation included a $1.5 million salary and nearly $350,000 worth of personal travel on corporate aircraft. Johnson commutes from his California home to the retailer's Plano, Texas, headquarters. Penney also paid almost $30,000 for security at Johnson's home. 
  
 Neither Johnson nor other execs received performance-based bonuses, although Johnson could have earned an incentive award of up to $3.75 million. 
  
 The company posted a $1 billion operating loss last year and continues to struggle after abandoning coupons and sales discounts for boutique lines such as Joe Fresh. 
  
 J.C. Penney shares sank 44% last year and, at Tuesday's $14.55 close, are off 26% in 2013. 
  
 The company has been in a protracted legal fight with rival Macy's and its CEO Terry Lundgren over selling goods under fashion maven Martha Stewart's brand. A judge has given the chains until April 8 to settle the dispute, now in mediation. 
  
 Penney says its turnaround strategy is a multiyear process. 
  
 "The company underwent tremendous change as we began shifting our business model from a promotional department store to a specialty department store," Penney says in its proxy. "Fiscal 2012 was tougher than expected." 
  
 Read or Share this story: http://usat.ly/10tCH0e |||||
Student:
Let's just say Ron Johnson's 2012 was not quite as good as his 2011. The JC Penney CEO worked just two months in 2011 and got $53.3 million for his troubles, the vast majority of it in stock; but last year his compensation was slashed a staggering 96%, reports the New York Times. He walked away from 2012 having made $1.9 million in pay and perks, per yesterday's regulatory filing: a $1.5 million salary, with the rest representing personal travel on corporate aircraft (his work commute takes him from California to Texas) and security at his home. Oh, and no bonus, USA Today reports. Though the drop is a big one, the news isn't exactly a big shock: The retailer is struggling mightily and posted $1 billion operating loss for the year, with shares dropping 44%; they're off 26% this year. "The company underwent tremendous change as we began shifting our business model from a promotional department store to a specialty department store," reads yesterday's filing. "Fiscal 2012 was tougher than expected." Click for more on JC Penney's "disastrous" year.