J.C. Penney CEO received $14.9 million in ’08 compensation

New York City J.C. Penney Co.'s chief executive Myron E. Ullman III received compensation valued at $14.9 million last year, up 48% from 2007, the bulk of which was stock compensation as the board sought to reward the top executive for navigating through tough economic times, according to an Associated Press calculation of figures disclosed in a regulatory filing Tuesday.

According to a proxy statement filed with the Securities and Exchange Commission, Ullman received a salary of $1.5 million, unchanged from 2007. Aside from his salary, Ullman received a performance-based cash bonus of more than $1.4 million, something he didn't receive in 2007. He also received perks of $537,262, including $458,000 for company jet travel.

However, most of Ullman's compensation came in the form of restricted stock and stock options, which were valued at more than $11.4 million on the days they were granted.