In memoriam: Mike Ullman

News Releases

August 14, 2024

The Dallas Fed mourns the loss of Myron E. (Mike) Ullman III, former chairman of our board of directors and former CEO of JCPenney Co. Inc. Ullman passed away Aug. 6 at age 77.

Ullman was appointed to our board by the Federal Reserve Board of Governors in 2008. In 2011, he was named deputy chairman, serving under Chairman Herb Kelleher, before taking on the chairman's role in 2014. He brought immense value to board discussions regarding the very important retail sector of the economy and overall insight into consumer perspectives, spending habits and trends.

Ullman's prolific career included two stints leading JCPenney as well as leadership positions at Macy's, LVMH and DFS Group. He was a longtime member of the Starbucks board of directors, serving as chairman from 2018 to 2021.

Former Dallas Fed President and CEO Richard Fisher, who worked closely with Ullman while he was on the Dallas board, once described him as "one of the nicest men God ever put on this good earth."

He will be remembered as a servant leader and for his grace and integrity.

Ullman is survived by his wife, four sons and two daughters.