To honor its legacy, JCPenney is celebrating its anniversary and showing that “Every Day


Matters” by giving back to communities across the nation through a $3.5 million charitable contribution to support America’s underserved children and organized volunteer events for its associates.

“Founded on The Golden Rule, JCPenney has a long history of giving back to the communities in which we live and do business. What better way to celebrate our anniversary than through community involvement,” said Mike Ullman, III, chairman and chief executive officer of JCPenney. “Community involvement strengthens our emotional connection with customers and further establishes us as a committed community partner. Our anniversary celebration provides yet another opportunity to engage our Associates and show our communities that what matters to them, matters to us.”

The company will make a $2.5 million contribution this year to the JCPenney Afterschool Fund, a non-profit organization which provides disadvantaged youth throughout the country with access to high-quality, nurturing afterschool programs that produce healthier lifestyles, improved social skills and enhanced academic performance. It also will contribute $1 million in JCPenney gift cards to be given to each child who receives an afterschool access grant to assist with the purchase of school clothing and supplies. This school year, more than 15,000 children across the nation are participating in safe, enriching afterschool programs thanks to the JCPenney Afterschool Fund and its contributions.

JCPenney’s 155,000 Associates are invited to participate in the Company’s 105th anniversary celebration, and give back to the communities that have supported JCPenney for so many years, by volunteering in their local communities throughout the month of April. JCPenney Afterschool Fund’s national service organizations (Boys & Girls Clubs of America, YMCA of the USA, National 4-H and United Way of America) are working with JCPenney Associates at local stores and business units throughout the country to organize local volunteer opportunities.

In other company news, chairman and CEO Ullman received compensation for last year that the company valued at almost $11 million, according to an analysis of a regulatory filing. Most of the compensation came in stock and options awards that had an estimated value of $6 million when they were granted. Ullman also was paid a salary of $1.5 million, non-equity incentives of $2.7 million, and $791,153 in other compensation.

The non-equity incentives were paid in February for last year’s work, the company said. The bulk of Ullman’s “other compensation,” $567,067, went for personal use of company aircraft, but also included $39,865 for home-security systems and $8,650 for financial counseling.

Ullman’s compensation came during a year in which Penney’s stock price rose 39%. Under Ullman, the chain has opened more off-mall stores and made ambitious expansion plans. Ullman has increased the number of designer lines and tried to offer more elegance for the stores’ middle-income shoppers.

Separately, Penney announced that director Vernon E. Jordan Jr. would step down in August when he reaches the board’s retirement age of 72.