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Penney’s Ullman Sees Pay Slide

J.C. Penney Co. Inc. chief Myron E. “Mike” Ullman 3rd’s compensation fell 42.3 percent last year, landing at $8.8 million.

J.C. Penney Co. Inc. chief Myron E. “Mike” Ullman 3rd’s compensation fell 42.3 percent last year, landing at $8.8 million.

This story first appeared in the March 31, 2010 issue of WWD.  Subscribe Today.

Ullman, chairman and chief executive officer of the Plano, Tex.-based midtier department store group, earned $15.2 million in 2008. Although his salary was unchanged at $1.5 million and, as in 2008, he received no bonus, the total of his stock and option awards dropped nearly 75 percent to $2.9 million from $11.5 million in the prior year. Because of vesting schedules and fluctuating stock prices, those awards weren’t necessarily realized, but they’re reported when companies submit their proxy statements to the Securities and Exchange Commission, as Penney’s did on Tuesday.

Ullman received $3.5 million in nonequity incentive plan compensation, one-and-a-half times the $1.4 million earned in 2008. Additionally, the accounting for his compensation included $491,000 for change in pension value and nonqualified deferred compensation, 48.2 percent higher than in 2008. All other compensation declined 28.7 percent to $383,000, $319,000 of which was for personal use of the company aircraft.

In 2007, Ullman earned $10.7 million as Penney’s ceo.

Penney’s net income dropped 56.1 percent to $251 million last year as sales pulled back 5 percent to $17.56 billion and same-store sales retreated 6.3 percent.