JC Penney's reinstalled CEO set for pay hike

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Associated Press

Posted on March 24, 2014 at 3:01 PM

NEW YORK (AP) — J.C. Penney's reinstalled CEO Mike Ullman is poised to get a big pay increase as the chain shows some signs of a turnaround.

J.C. Penney Co. could increase Ullman's base salary to $1.5 million for this year, from $810,606 in the fiscal year that ended Feb. 1, according to a Securities and Exchange Commission filing Monday. He could also get $5.5 million in stock awards and is eligible to receive a $3 million bonus.

That potential for a $10 million payout compares with last year's $2.4 million in compensation.

Ullman returned to the helm in April 2013 when Penney ousted Ron Johnson after 17 months on the job. Johnson had spearheaded a transformation plan that led to a sales plunge and big losses.

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