Posted: Mar 24, 2014 3:16 PM
Updated: Mar 24, 2014 3:16 PM
NEW YORK (AP) J.C. Penney's reinstalled CEO Mike Ullman is poised to get a big pay increase as the chain shows some signs of a turnaround.
J.C. Penney Co. could increase Ullman's base salary to $1.5 million for this year, from $810,606 in the fiscal year that ended Feb. 1, according to a Securities and Exchange Commission filing Monday. He could also get $5.5 million in stock awards and is eligible to receive a $3 million bonus.
That potential for a $10 million payout compares with last year's $2.4 million in compensation.
Ullman returned to the helm in April 2013 when Penney ousted Ron Johnson after 17 months on the job. Johnson had spearheaded a transformation plan that led to a sales plunge and big losses.