JCPenney's (NYSE:JCP) board of directors announced the appointment of Marvin Ellison, currently executive VP of Home Depot (NYSE:HD), as president and CEO-designee. Effective Nov. 1, Ellison will also join JCPenney's board of directors.
Ellison will succeed Myron (Mike) Ullman, III, the current CEO, on Aug. 1, 2015. At that time, Ullman will become executive chairman of the board for one year. Ullman returned to the helm of JCPenney to help the retailer as it struggled under the leadership of ex-CEO Ron Johnson. Johnson was fired in April of 2013. Since then, Ullman has attempted to revive the department store chain, but thus far, has been unsuccessful, as the retailer recently announced it would lower its same-store sales forecast for the third-quarter.
Prior to his 12-year term at Home Depot, Ellison served for 15 years in various positions at Target. Ellison, 49, has 30 years of experience in the retail industry. He spent the last six years at Home Depot as executive VP of U.S. stores and has been the senior-most operations leader for Home Depot's approximately 2,000 stores. Prior to that, he was president of the Northern Division, a role in which he had responsibility for the sales and operations of more than 700 stores in 21 states. Previously, he was senior VP of global logistics.
"The Board has completed its search for the right CEO to lead the next stage of JCPenney's growth. We are delighted to have found that person in Marvin Ellison, a highly accomplished retail executive with a history of delivering top and bottom line results at major American retailers," said Thomas Engibous, chairman of JCPenney's board of directors. "He 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. In light of these attributes, we believe he is well equipped to return the company to profitable growth."
Ellison added that he is honored by the appointment and excited to help with the retailer's comeback.
"This Company has been an important part of the American retail landscape for over one hundred years. Today, it is moving in the right direction and there is an extraordinary passion to win at every level of the organization," said Ellison. "As president and, ultimately, CEO, I will be focused on positioning the company to compete in a rapidly changing retail environment for the benefit of our customers, shareholders, suppliers and associates. I am confident that we have the customer proposition, the brand, and the talent to make JCPenney successful over the long term."
-See this JCPenney press release
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