Myron E. “Mike” Ullman III, whose extensive retail résumé included top jobs at J.C. Penney, LVMH, and Macy’s, died on Aug. 6, according to WWD. He was 77.
J.C. Penney, where he served two stints as CEO, confirmed his passing on its LinkedIn feed, calling Ullman a “fierce leader with a big heart.”
Ullman originally wanted to be an engineer—his father is credited with inventing the dishwasher—but migrated to finance. After graduating from the University of Cincinnati, he worked at IBM, then joined the university as its vice president of business affairs. By age 30, he had become its chief financial officer.
In 1998, he was hired as Macy’s chief operating officer and vice chairman. He later served as the department store’s CEO from 1991 to 1994, overseeing its 1992 Chapter 11 filing and subsequent reorganization.
“I probably learned more in the 22 months getting Macy’s out of bankruptcy than the entire rest of the 45 years I’ve worked,” he said in a 2015 interview. “Adversity is a great teacher. I can’t remember anything I’ve learned, to be honest, in business or in life, that hasn’t come through hard knocks, recognizing, trying to figure out how to get to a different place.”
After Macy’s, Ullman headed the DFS Group, a travel retailer owned by LVMH, from 1995 to 1998, and from there became LVMH’s group managing director, helping to grow the company into the luxury colossus it is today. He was appointed head of LVMH’s U.S. arm in 2001.
But he probably made his biggest mark at J.C. Penney, where he first served as CEO from 2004 to 2011. At the time, he was only the second outside CEO to head the retailer. In 2011, he was succeeded by Ron Johnson, who had developed the idea for the Apple Store and was widely hailed as a retail genius. When Johnson’s leadership proved disastrous for J.C. Penney, Ullman was lured back and filled the CEO role again from 2013 to 2015.
After Johnson left, Ullman singled out two lessons from his tenure: “Know your customer” and “Don’t let go of Buyer No. 1 until you have Buyer No. 2.”
Because of a neuromuscular disorder, Ullman had difficulty walking and traveled around the Penney offices on a Segway.
He later served as chairman of Starbucks and of the volunteer medical-care organization Mercy Ships International. He also chaired the Federal Reserve Bank of Dallas.
Ullman is survived by Cathy, his wife of over 50 years; six children; and five grandchildren.
(Photo from LinkedIn)
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