JC Penney Names New CEO Just Before the Holidays

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JC Penney has named Marvin Ellison, currently the executive vice president of stores at Home Depot, as its new president and CEO-designee effective Nov. 1, according to a press release.

Ellison will succeed Myron Ullman, as CEO of JC Penney on Aug. 1, 2015.  At that time, Ullman will become executive chairman of the board for a period of one year.

The Wall Street Journal reported that the company had a difficult time filling the top spot as it tries to gain back market share lost under a previous leader, and other current retail CEOs had turned the offer down.

Prior to his 12-year tenure at Home Depot, Ellison served for 15 years in various positions at Target.

“The board has completed its search for the right CEO to lead the next stage of JC Penney’s growth,” said JC Penney chairman Thomas Engibous in the press release. “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.”

Among other things, Engibous said Ellison brings to the role an extensive knowledge of store operations and supply chain management as well as a demonstrated ability to run large retail organizations.

Ellison has nearly 30 years of experience in the retail industry. He served as Home Depot’s executive vice president for U.S. stores since 2006, leading the operations at the chain’s 2,000 stores. Prior to that, he was president of the northern division, overseeing the sales and operations of more than 700 stores in 21 states and leading a team of more than 150,000 associates.

Previously, he was senior vice president of global logistics, with oversight of all domestic distribution, transportation, store and appliance delivery, import distribution and international logistics throughout the United States, Canada, Mexico, China and more than 35 other countries. Before joining Home Depot, Ellison spent 15 years at Target in various operational roles.