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The Associated Press reports that Mike Ullman, the once and current JC Penney CEO, could see his 2014 salary increase from $810,606 to $1.5 million, and "could also get $5.5 million in stock awards and is eligible to receive a $3 million bonus," based on performance.

As the story notes, "Ullman had been CEO for seven years until late 2011 — when he earned total compensation of $33.7 million. He returned to the helm in April 2013 when the company's board ousted Ron Johnson, who had spearheaded a transformation strategy that involved eliminating most discounts and bringing in hip new brands. The goal was to bring in younger and more affluent shoppers, but the former Apple executive ended up alienating the J.C. Penney's loyal shoppers. Sales plunged and led to big losses, and Johnson was ousted after 17 months.

"Since rejoining the department store chain, Ullman has restored frequent sales events and brought back basic merchandise. J.C. Penney earned $35 million for the quarter that ended on Feb. 1, compared with a loss of $552 million the year before."
KC's View:
JC Penney may be seeing a short term bump, but I am totally unconvinced of the long-term sustainability of its business model, especially because it seems to have gone back to a scattershot promotional approach that dilutes the actual power of a "sale."