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Penney Board Members Get a Vote of Confidence

So much for accountability in corporate governance. According to the DMN‘s Maria Halkas, every member of the J.C. Penney board that presided over the company’s spectacular recent meltdown has been re-elected to his or her cushy post. This apparently includes New York hedge-fund mogul William Ackman, who pushed to hire the failed ex-CEO Ron Johnson, as well as several board members from North Texas. All of the members have been compensated handsomely for their, er, leadership qualities at the Plano-based retail chain. Among the locals are ex-TI CEO Tom Engibous, the board chair, whose 2012 compensation was $328,702; Colleen Barrett, president emeritus of Southwest Airlines ($225,012); and R. Gerald Turner, president of Southern Methodist University ($235,012).

  • Dubious Brother

    They are being compensated for putting the real estate up on the Goldman Sachs loan of $1.75 billion. Goldman first, shareholders last in bankruptcy court.

  • marisa

    The shareholders sound like the same blind voters who re-elected Obama. Hoping the shareholders voted for a salary increase for a job well done. Thinking about the defination of insanity…..doing the same thing over and over and expecting a different result.