Myron Edward “Mike” Ullman III, 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 retail, died on Tuesday, August 6, at his home in Montrose, CO. 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 those disadvantaged, among other humanitarian initiatives.
In 2001, Ullman left LVMH, citing a medical condition affecting his motor skills, making walking long distances difficult. To support his healthcare challenges and assist his mobility, he used a Segway when making public appearances.
Born in Youngstown, OH, Ullman delivered strong operational, financial and technology leadership to the industry. Yet was deeply connected to the fashion industry, casting a wide net, and was said to have 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 JCPenney when Ullman was 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. After that, Ullman joined Federated Department Stores in Dallas, TX and then moved to Hong Kong to lead Wharf Holdings’s property development business. He returned to the U.S. and worked in a senior-level financial position at Macy’s, where he rose to chairman and CEO before Federated took over the company.
At Macy’s, Ullman oversaw the installation of a modern technological infrastructure, including computerized systems tracking customer preferences and sales and helping to manage inventory. He added a satellite network to communicate with its employees nationwide. He then became chairman and CEO of the DFS Group, a travel retailer, and later joined its owner, LVMH, as director general, where he led a series of acquisitions that helped establish LVMH as the world’s top luxury group.
Ullman led JCPenney twice—first joining the department store in 2004 as chairman and CEO, advancing turnaround events by his predecessor, Allen Questrom, who had prevented Penney from going into bankruptcy. Ullman’s challenge was to sustain the momentum and create more of a buzz around the brand, to resonate louder with a younger consumer and its middle-income audience. He brought the retailer to its historically high operating profit level, 9.7 percent, and a share price of $88.
Another of Ullman’s accomplishments while at JCPenney was the rollout of 138 stores over three years, primarily in off-the-mall locations. The company also received high ratings from American Express for service improvements.
Ullman unceremoniously left JCPenney in 2011, replaced by Ron Johnson who was recruited from running Apple Retail under Steve Jobs. Johnson’s “reinvention strategy” nearly destroyed the company and was removed. At the Board’s request, Ullman reassumed JCPenney’s CEO role from 2013 to 2016 and restored the business and brand.
Also during his career, Ullman held a six-year term as a director and later chairman of the Federal Reserve Bank of Dallas, TX. He also served for nearly two decades on the Board of Starbucks as its chairman, sat on the Board of Taubman Centers and Ralph Lauren, among other boards, and was chairman of the National Retail Federation (NRF).
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.
Ullman received a Bachelor of Science in industrial management in 1969 and an honorary doctorate in 2006 from the University of Cincinnati, where he was recognized as an outstanding alumnus with the William Howard Taft Medal. The White House Fellows Association also awarded him the Woodrow Wilson Award for Corporate Citizenship and the John Gardner Legacy of Leadership Award.
Ullman is survived by his wife of over 50 years, their four sons, two daughters, six grandchildren, four siblings, several nieces and nephews.
A celebration of life will be held at a date to be announced in Montrose, CO. 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 in Montrose.
Image courtesy Starbucks
