J.C. Penney to Limit Exec Severance Pay

New York City J.C. Penney Inc. on Thursday said it will limit the amount of severance pay for its senior executives, Reuters reported.

In a filing with the U.S. Securities and Exchange Commission, J.C. Penney said it would limit severance packages for its senior executives to 2.99 times the annual base salary and target bonus in effect the year of termination, unless stockholders approve otherwise. J.C. Penney also said the policy applies only to future severance agreements and not existing agreements, unless specifically modified to include such an arrangement.