By and  on October 3, 2011

Michael R. Francis is J.C. Penney’s $12 million man.

That’s how much the former Target Corp. executive vice president and chief marketing officer is getting as a signing bonus to join J.C. Penney Co. Inc. as president — plus a $1.2 million-a-year base salary and 1 million restricted stock units on Nov. 16. The bonus covers loss of benefits and compensation upon leaving Target.

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