Ullman Earnings Exceed $10M in 2008

Pay package is 25.5% above prior year's.

J.C. Penney Co. Inc. chief executive Myron E. “Mike” Ullman 3rd rejoined the eight-figure compensation club in 2008.

According to the company’s definitive proxy, filed with the Securities and Exchange Commission on Tuesday, Ullman earned just over $10 million in total compensation during the last fiscal year, 25.5 percent above the $8 million he earned in 2007.

While Ullman, who has no employment contract and also serves as Penney’s chairman, continued to collect a salary of $1.5 million, his option awards expanded to $3.5 million from $2.2 million and incentive plan compensation landed at $1.4 million versus none in the prior year. These two areas more than offset a decline in his stock awards, to $2.7 million from $3.1 million, and smaller reductions in other compensation and the change in pension value and nonqualified deferred compensation.

Ullman earned slightly more in 2006 — $10.4 million — than he did last year.

The Penney’s ceo also stands to earn $25 million in company stock grants over the next three years if shares generate a return of 29.1 percent or more.