J.C. Penney Co. Chief Executive Myron E. Ullman will get a
sizable bump in pay this year, the struggling department store
chain said in a filing Monday.
Mr. Ullman is due to receive a base salary of $1.5 million in
2014, while last year he made more than $810,000. He also made
nearly $1.6 million in other compensation last year--more than
$913,000 of it coming from personal use of the corporate aircraft,
according to a filing earlier this year.
This year, Mr. Ullman is set to get $5.5 million in equity
awards, and he will be eligible to receive $3 million in
bonuses.
Mr. Ullman, who had previously served as Penney's CEO from 2004
to 2011, returned to the role in April after the company let go
former Apple Inc. executive Ron Johnson, whose strategy for
reinventing the retailer was widely perceived as a failure. Mr.
Johnson received $1.5 million in base salary--and nearly $1.9
million in total compensation--for 2012.
Since Mr. Ullman's return, the company has reported slightly
improved sales and an improved cash position. Last month, the
company said it swung to a profit while margins improved in its
fiscal fourth quarter, which included the holiday shopping season,
although net sales fell.
The company also said last month that it expects same-store
sales to increase in the mid-single-digit range during the
year.
Write to Michael Calia at michael.calia@wsj.com
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