Myron “Mike” Ullman 3rd and Marvin Ellison split the duties of chief executive officer at J.C. Penney Co. Inc. last year and each logged compensation of more than $12 million.

Ullman ceded the ceo post to Ellison on Aug. 1. Ullman’s compensation last year totaled $12.8 million and included a salary of $1.5 million and incentive pay of $4.7 million. He also received stock awards and options worth $5.4 million, although that value might not be realized given share price fluctuations and vesting schedules. The rest of his  compensation tallied $1.3 million, which included $546,980 for personal use of corporate aircraft.

That amounted to a pay bump for Ullman, who saw compensation of $9.7 million in 2014.

Ellison’s pay totaled $12.1 million and included a salary of $1.4 million, and incentive pay of $3.6 million. Stock awards and options were valued at $6.7 million. The rest of his compensation totaled $379,786 in various benefits, including relocation costs of $104,124, personal use of corporate aircraft valued at $228,860 and a home security system for $44,469.

Ellison joined the company from Home Depot in 2014 and served as president, taking some time to learn the ropes from Ullman. During his first year at the company his compensation tallied $19.6 million, driven by stock awards valued at $15 million and a $4.1 million bonus.

Under their stewardship, J.C. Penney has been reworking and making up for losses during the misadventure that was Ron Johnson’s tenure as ceo, which led to bold merchandising moves and steep losses.

Penney has regained much ground and had a good holiday season.

Fourth-quarter adjusted earnings before interest, taxes and depreciation gained 40 percent to $381 million and the company ended the year with inventories in good shape and a slew of emerging strategies and formats.

J.C. Penney’s is speeding the roll out of Sephora, increasing private brand offerings, and stepping up its value message to consumers.

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