J.C. Penney CEO to Get Raise

J.C. Penney Co. Chief Executive Myron E. Ullman will get a sizable bump in pay this year, the struggling department store chain said in a filing Monday.

Mr. Ullman is due to receive a base salary of $1.5 million in 2014, while last year he made more than $810,000. He also made nearly $1.6 million in other compensation last year--more than $913,000 of it coming from personal use of the corporate aircraft, according to a filing earlier this year.

This year, Mr. Ullman is set to get $5.5 million in equity awards, and he will be eligible to receive $3 million in bonuses.

Mr. Ullman, who had previously served as Penney's CEO from 2004 to 2011, returned to the role in April after the company let go former Apple Inc. executive Ron Johnson, whose strategy for reinventing the retailer was widely perceived as a failure. Mr. Johnson received $1.5 million in base salary--and nearly $1.9 million in total compensation--for 2012.

Since Mr. Ullman's return, the company has reported slightly improved sales and an improved cash position. Last month, the company said it swung to a profit while margins improved in its fiscal fourth quarter, which included the holiday shopping season, although net sales fell.

The company also said last month that it expects same-store sales to increase in the mid-single-digit range during the year.

Write to Michael Calia at [e-mail]

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