Executive Myron ‘Mike’ Ullman 3rd, Who Turned Around JCPenney and Helped Grow LVMH, Dies at 77

This story was updated Aug 7 at 7:32 p.m. EST

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Myron E. “Mike” Ullman, who led JCPenney , Macy’s and the DFS Group travel retail business owned by LVMH Moët Hennessy Louis Vuitton during his long and respected career in retailing, died peacefully Tuesday at his home in Montrose, Colo. He was 77.

In addition to his extensive career leading U.S. and global businesses, Ullman had significant experience in government, academia and philanthropic work focused on health care for disadvantaged people, among other humanitarian initiatives.

A precise cause of death could not be immediately learned. In 2001, Ullman left LVMH, citing a medical condition that made traveling and long work hours hard to sustain. He once told WWD he had a spinal cord injury that was microscopic and initially tough to detect and that he had some motor issues. Walking long distances became difficult, he said, but he used a Segway to get around and make public appearances, as if he was a conquering emperor riding a chariot. As the issue progressed, he stoically continued in his career.

“Even though I was well aware of Mike’s illness, the news of his passing has had a profound effect on me,” said Howard Schultz, the former chairman and chief executive officer of Starbucks, where Ullman served on the board, including for some time as chairman.

“His years as lead director of the Starbucks board, where he served with distinction, taught us many lessons of the role and responsibilities of a public company,” said Schultz. “He was a servant leader, a true retail merchant, and a person who made everyone around him better. Mike was a man of the highest level of integrity steeped in humility. He was ‘one of one.’ I loved him dearly.”

Born in Youngstown, Ohio, Ullman was a strong operations, financial and technology executive, but not generally recognized as a merchant prince. Yet he had strong connections in the fashion industry, cast a wide net, was highly competitive and had a wry sense of humor.

“He knew everybody and everybody respected him. He could open doors,” said Ken Hicks, executive chairman and former CEO of Academy Sports + Outdoors and Foot Locker, who served as president and chief merchant of Penney’s when Ullman was its CEO.

Ullman began his career as an international account manager for IBM in 1969 and later joined his alma mater the University of Cincinnati as vice president of business affairs. He subsequently served as a White House Fellow in the Reagan administration. Following that, he joined Federated Department Stores in Dallas and then moved to Hong Kong to lead the property development business Wharf Holdings. He returned to the U.S. and served in a senior level financial position at Macy’s. He eventually rose to chairman and CEO for a short period, until Federated took over Macy’s. At Macy’s, Ullman oversaw the installation of a modern technological infrastructure, including computerized systems tracking customer preferences, sales and helping to manage inventory. He added a satellite network to communicate with its employees across the country. He then became chairman and CEO of DFS Group, a leading travel retailer, and later joined its owner LVMH as directeur general, where he led a series of acquisitions that helped establish LVMH as the world’s top luxury group.

Ullman had the rare and ironic experience of heading up Penney’s twice, first joining the department store in 2004 as chairman and CEO, advancing turnaround events by his predecessor, Allen Questrom, who had prevented Penney’s from going into bankruptcy. Ullman’s challenge was to sustain the momentum and create more of a buzz around the brand so it resonated louder with a younger crowd and its middle-income audience. He did bring Penney’s to its historically high level of operating profit, 9.7 percent, and a share price of $88. Another big accomplishment was the rollout of stores, 138 over three years, primarily in off-the-mall locations, and American Express gave the company high ratings for service improvements.

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But he unceremoniously left the company in 2011 and was replaced in favor of the high-flying Ron Johnson, who was recruited from running Apple Retail under Steve Jobs. Johnson’s infamous reinvention strategy nearly destroyed Penney’s, and he was ousted from the job. Ullman reassumed his role as CEO at the request of the board from 2013 to 2016, and was able to salvage the business. In recounting his return to Penney’s, Ullman told WWD that he was contacted by Penney’s chairman on a weekend, given a couple of days to discuss with his wife whether he wanted to return, and found himself back in the role on Monday. “I have six kids, and I sit on six boards,” he said. “There were a lot of things we had to consider. My instinct was, I would love to take the job, but let me discuss it with my wife.” Asked when he would start on his second Penney’s go-round, Ullman, displaying his usual wry humor, said, “I guess tomorrow. Maybe today. I don’t know.”

When Ullman returned to Penney’s, Schultz commented: “The advantage Mike Ullman has is his relationships inside and outside of the company, and his intuitive sense of the brand. He has a running start restoring Penney’s back to its rightful place. He’s got the significant trust and confidence of the employees, and an intuitive sense of what to do and how to do it. This is not an easy task, but he is the perfect person to come back. He didn’t have to. He is coming back because he feels a responsibility. It takes a lot courage to come back.”

Also during his career, Ullman held a six-year term as a director and later chairman of the Federal Reserve Bank of Dallas. He also served for nearly two decades on the board of Starbucks, including as its chairman, sat on the board of Taubman Centers, and Ralph Lauren, among other boards, and served as a chairman of the National Retail Federation.

In addition, Ullman served as chairman of Mercy Ships International, a nonprofit organization operating hospital ships staffed by volunteers to provide free health care services to those in need, particularly in developing nations. Ullman also served on numerous boards of community and not-for-profit organizations including the Lucille Packard Foundation for Children’s Health, Stanford Children’s Hospital, the University of Cincinnati Foundation and the UCSF Medical Center Executive Council in San Francisco, of which he was chairman.

“He was a tremendous businessperson with a strong personality who helped in the turnaround of Penney’s,” Hicks added. “He understood what it took to make the business work, had a ton of ideas, and got a number of designers to collaborate with Penney’s,” Hicks recalled, noting the partnerships formed with Nicole Miller, and with Ralph Lauren on a line called American Living. American Living had a splashy start but fizzled out too soon, while Nicole Miller worked out well. More significantly, Ullman brought Sephora to Penney’s, capitalizing on his prior experience at LVMH, owner of Sephora.

“Mike seemed to be able to continue to reinvent himself whether it was Penney’s, Macy’s or LVMH,” said Gilbert Harrison, chairman of the Harrison Group and founder of Financo Inc. “His illness did not deter him from his workload. I was involved in having him honored into the Hall of Fame at the World Retail Congress, and he also spoke several times at my Financo CEO dinners. Regardless of where he might be in the world, he was always reachable for questions and comments.”

Ullman received a Bachelor of Science in industrial management in 1969 and an honorary doctorate in 2006 from the University of Cincinnati, from which he was recognized as an outstanding alumnus with the William Howard Taft Medal. He was also awarded the Woodrow Wilson Award for Corporate Citizenship and the John Gardner Legacy of Leadership Award by the White House Fellows Association.

Ullman is survived by his wife of more than 50 years, Cathy Emmons Ullman; their four sons, Cayce, Tryan, Peter and Kyrk; two daughters, Maddie and Kwynn; six grandchildren; his siblings Chris Stubbins; Curt, Greg and Gretchen Tisone, and several nieces and nephews.

A celebration of life will be held at a date to be announced in Montrose, Colo. In lieu of flowers, Ullman’s family requests that donations be made to an organization meaningful to him, including Mercy Ships International, the Warren Bennis Leadership School at the University of Cincinnati, HopeWest or Celebration Church, which are both in Montrose.

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