The Top 4 J.C. Penney Shareholders

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 preeminent 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 2018, the company operated about 875 department stores in the United States and Puerto Rico and had a market capitalization of $ 816 million. Here is a look at the company’s four largest individual shareholders.

Marvin Ellison

Marvin Ellison is the current chairman and chief executive officer (CEO) of J.C. Penney. Ellison has served as CEO since 2015. As of an April 2018 SEC filing, he was the top direct shareholder with 2.8 million shares and an option to acquire 911,826 more shares within 60 days from March 26, 2018. 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 $1.45 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.

Javier Teruel

Javier Teruel has served on the board of J.C. Penney since 2008. As of the company’s April 2018 proxy filing, he was the firm’s second-largest individual shareholder with 532,324 shares and an option to acquire 118,282 shares more within 60 days from March 26, 2018. Teruel also serves on the board of The Nielsen Co. BV and Starbuks Corporation. He retired as vice chairman of the Colgate-Palmolive Company in 2007 after 35 years with the company. He is a partner at Spectron Desarrollo, SC, a venture capital and private equity firm. 

Edward Record

Edward Record is the former chief financial officer (CFO) of J.C. Penney. He joined the company in March 2014 and stepped down in August 2017. As of the April 2018 SEC filing, he was the third-largest direct J.C. Penny shareholder, with 471,738 shares. Record began his career in the retail 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. 

Michael Amend

Michael Amend is the former executive vice-president of J.C. Penney’s omnichannel. He joined the company in August 2015 and left in March 2018. As of the April 2018 SEC filing, he was the fourth-largest direct J.C. Penny shareholder, with 157,918 shares and option to acquire another 48,930 shares that vest within 60 days of March 26, 2018. Prior to this, he  was vice president of online, mobile and omnichannel for Home Depot Inc. (HD). Amend has over his career  worked with Dell in a number of capacities and was the Deputy Chief Technology Officer for BEA Systems.