JCPenney to limit severance pay for executives

PLANO, Texas JCPenney announced in a filing with U.S. Securities and Exchange Commission that it would limit severance pay for its senior executives.

According to the filing, severance packages would be limited to 2.99 times the annual base salary and target bonus in effect the year of termination. Stockholders may approve greater severance packages. The policy does not apply to existing agreements.