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For immediate release: August 13, 2008

J. C. Penney Chairman Named to Dallas Fed Board

DALLAS—The Federal Reserve Board of Governors has appointed Myron E. (Mike) Ullman, III to the Federal Reserve Bank of Dallas board of directors. Ullman is chairman and CEO of J. C. Penney Company, Inc., headquartered in Plano, Texas.

“We are pleased to welcome Mr. Ullman to our board,” said Dallas Fed chairman James Hackett. “He will contribute considerable experience and insight regarding consumer attitudes and expectations.”

Dallas Fed president and CEO Richard W. Fisher said that Ullman’s expertise and experience in the retail industry will add great value to the bank’s deliberations on the economy.

“Mike is on the frontlines of a highly significant segment of the economy,” he said. “His perspective on current and future trends in consumer spending will be invaluable to this bank and its contributions to making monetary policy.”

Before joining J.C. Penney, Ullman served as directeur général, group managing director of LVMH Moët Hennessy Louis Vuitton from 1999 to 2002. He previously served as group chairman and chief executive officer of DFS Group Limited (1995–1999) and as chairman and chief executive officer of R.H. Macy & Co. Inc. (1992–1995).

Ullman is chairman of both the National Retail Federation and Mercy Ships International, a global medical and human services charity. He serves on the board of Starbucks Coffee Company.

He was selected as a White House Fellow by President Ronald Reagan in 1981–82.

Each Federal Reserve Bank has a nine-member board of directors. Three members represent commercial banks, three represent the public and three are appointed by the Board of Governors in Washington, D.C.

Ullman joins Hackett, chairman, president and CEO of Anadarko Petroleum Corp., one of the nation’s largest independent oil and gas exploration companies, and Herb Kelleher, founder and former chairman of Southwest Airlines, as one of three appointees of the Board of Governors to the Dallas Fed board.

The names and affiliations of all board members and information on the Dallas Fed are available on


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James Hoard
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