J.C. Penney Appoints New CEO

J.C. Penney has appointed Marvin Ellison, currently executive vice president of stores at Home Depot, president and CEO designee.

Ellison will succeed Myron E. (Mike) Ullman as CEO of the department store on Aug. 1, 2015. Ullman, who had been CEO from 2004 to 2012, and then took over again last April following the resignation of Ron Johnson, will become company executive chairman.

Ellison will also join the board of directors.

In addition to his 12-year tenure at Home Depot, Ellison is a veteran of Target. 

Ellison “brings to the role, among other assets, an extensive knowledge of store operations and supply chain management as well as a demonstrated ability to successfully run large retail organizations,” said Thomas J. Engibous, board chairman, in a statement. “In light of these attributes, we believe he is well equipped to return the company to profitable growth.”

JCK News Director