JC Penney CEO Mike Ullman gets $1.5 million raise

J.C. Penney (NYSE: JCP) CEO Mike Ullman has received a pay raise of $1.5 million, according to recent documents filed with the Securities and Exchange Commission. With the pay increase, Ullman has the potential to earn up to $10 million in 2014.

Ullman's new pay package includes a base salary of $1.5 million, $5 million in equity awards and an incentive award of up to 200 percent of his base salary, or $3 million. Ullman's equity awards are split into an equal mix of performance-contingent stock options and performance-based restricted stock units.

In 2013, Ullman earned a base salary of $810,606 plus $1.58 million in other compensation, bringing his total earnings to $2.39 million for the year, according to documents filed with the SEC. He had no target incentive opportunities.

While Ullman's bank account may be getting bigger, the J.C. Penney chief executive still faces a long road ahead in reviving the struggling retail chain. For the most recent quarter, J.C. Penney reported a revenue loss of $206 million and income of $35 million. For fiscal 2013, it lost $1.39 billion compared to the $985 million it lost the previous year. The results were actually a smaller-than-expected fourth-quarter loss. The chain predicted that sales will increase approximately 5 percent in 2014.  

For more:
-See this New York Post article

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