When people think of the American retail industry, J.C. Penney Co. Inc. (NYSE: JCP) often comes to mind. The Texas-based company was founded in 1902 and has become one of the nation’s most pre-eminent retail names. The company, through its department stores and website, sells merchandise and services, including family apparel, shoes, jewelry, home furnishings and accessories. As of May 13, 2016, the company operated over 1,000 department stores and had a market capitalization of $2.33 billion. Here is a look at the company’s four largest individual shareholders.
Marvin Ellison is the current chief executive officer (CEO) of J.C. Penney and has been in the role since 2015. As of March 2016, he was the top direct shareholder, with 2,507,317 shares. Ellison joined J.C. Penney at a time when the company was seen to have fallen behind its key competitors and was appointed with the intention of revamping strategy, operations and technology. As of 2016, his annual compensation was $1.35 million. Before his posting at J.C. Penney, he was a senior executive at The Home Depot Inc. (NYSE: HD) between 2002 and 2014. Earlier in his career, he held a position at Target Corporation (NYSE: TGT) between 1997 and 2002. As well as leading J.C. Penney, Ellison is an independent director of FedEx Corp. (NYSE: FDX). He holds a bachelor’s of Business Administration in Marketing from the University of Memphis, and a Master of Business Administration (MBA) from Emory University.
Not surprisingly, J.C. Penney’s previous long-standing CEO, Myron Ullman, who headed the company between 2004 and 2011, and again between 2013 and Ellison’s appointment in 2015, is one of the company’s largest shareholders. As of March 2016, he held 1,273,424 shares, which made him the second-largest direct J.C. Penney shareholder. He has extensive leadership and public company board experience with both domestic and international retailers. During his career, he has held senior positions at LVMH Moet Hennessy Louis Vuitton SE (OTC: LVMHF), a French luxury goods manufacturer and retailer, and R.H. Macy & Co., now Macy’s Inc. (NYSE: M). Ullman has been the executive chairman of J.C. Penney since August 2015, and he is also on the board of Starbucks Corporation (NASDAQ: SBUX). He graduated from the University of Cincinnati with a bachelor’s of Science in Industrial Management in 1969.
Edward Record has been the executive vice president and chief operating officer (COO) of J.C. Penney since March 2014. As of March 2016, he was the third-largest direct J.C. Penney shareholder, with 468,673 shares. Record began his career in the retailing industry in 1990, working for companies that include Stage Stores Inc. (NYSE: SSI), an apparel retailer where he was the executive vice president and COO between 2010 and 2014, Kohl’s Corporation (NYSE: KSS) and Belk Inc., an upscale department store. He holds a Bachelor of Arts in Economics from Princeton University and an MBA from Carnegie Mellon University. As of 2016, his total annual compensation was $785,833.
Janet Dhillon is the fourth-largest direct J.C. Penney shareholder, with 338,438 shares as of March 2015. Dhillon held the position of executive vice president and general counsel and secretary of J.C. Penney between 2009 and 2015. She now holds the position of executive vice president, general counsel and corporate secretary at Burlington Stores Inc. (NYSE: BURL), a national off-price retailer. Before joining J.C. Penney, Dhillon held senior roles with US Airways, which merged with American Airlines Group Inc. (NASDAQ: AAL) in 2015. She has also worked with Skadden, Arps, Slate, Meagher & Flom LLP, after graduating from the University of California, Los Angeles, School of Law in 1991.
Read more: The Top 4 J.C. Penney Shareholders (JCP) | Investopedia http://www.investopedia.com/articles/insights/052116/top-4-jc-penney-shareholders-jcp.asp#ixzz49OtzDfmg
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