JC Penney’s reinstalled CEO set for pay hike

March 25, 2014 

J.C. Penney’s reinstalled CEO Mike Ullman is poised to get a big pay increase as the department store 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, according to a filing Friday. That included $1.6 million in perks. Ullman had been CEO for seven years until late 2011 — when he earned compensation of $33.7 million. He returned in April 2013.

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