CORNER OFFICE PAY: Marvin Ellison, chairman and chief executive officer of J.C. Penney Co. Inc., wracked up total compensation of $10.8 million last year, making for an increase of 15.4 percent, according to a regulatory filing.
The majority of his take came in the form of stock and option awards — the total value of which was recorded at $7 million, but is ultimately dependent on stock price fluctuations and vesting schedules. Ellison’s take also included a salary of $1.5 million, incentive pay of $2.1 million and other compensation of $257,264.
Penney said Ellison must use company aircraft for all business and personal travel and so his pay included $139,612 in personal use of corporate aircraft.
Under new Securities and Exchange Commission rules, the company also recorded Ellison’s pay in relation to the median compensation for all other employees.
The “median associate” was paid hourly and worked part time, earning $14,366 last year.
That means Ellison’s total pay tallied 753-times the company’s median pay.