After stepping in less than a year ago, JC Penney’s newest President and and soon to be CEO Marvin Ellison, has made quite a bit of distinctive power moves. Casting a brighter, more prosperous light on the struggling brand, Ellison has come in blazing a path of complete business turn around. JCPenney’s new President and CEO has landed $15 million dollars of stock awards and after signing on with the Plano, Tex.-based mid-tier retailer.
According to the definitive proxy released to the Securities and Exchange Commission this past Monday, March 23rd, the awards will be dispersed in three parts beginning Nov. 17, following Ellison’s one-year anniversary with the company, and on the same date for the next two years following.
Come August, Ellison will succeed the company’s current CEO, Myron “Mike” Ullman 3rd and is expected to help turn JCPenney’s series of unfortunate ventures around completely. Ellison’s previous work experience with Home Depot and Target make helps bring forth a different business perspective that will without doubt work well with the JCPenney brand. Like his predecessor, Ellison will work without an employment contract.
We’ll be on the look out for you Mr. Ellison, best of luck!
For the full story be sure to check out WWD’s full write up on their site linked here.