By  on March 16, 2011

J.C. Penney Co. Inc. chief executive officer Myron E. “Mike” Ullman 3rd rode his firm’s higher sales and profits to a nearly 50 percent increase in his 2010 pay package.

According to a preliminary proxy statement filed late Monday with the Securities and Exchange Commission, Ullman’s total pay came to $13.1 million last year, 49.2 percent above the $8.8 million he earned in 2009 but 13.9 percent below his 2008 package.

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