Lowe’s has named Marvin Ellison President and CEO, effective July 2, 2018. Ellison will resign from his current position as Chairman and CEO of JCPenney as of June 1. A search committee has been formed to fill his position.
Ellison has 30 years of experience in the retail industry, with 12 years in senior-level operations roles at The Home Depot that included Executive Vice President of U.S. Stores. He will replace outgoing Lowe’s President and CEO Robert Niblock, who is retiring after 25 years with the company.
JCPenney has created the Office of the CEO, which will be comprised of CFO Jeff Davis, Chief Customer Officer Joe McFarland, CIO and Chief Digital Officer Therace Risch and Executive Vice President of Supply Chain Mike Robbins. The team will collectively lead the retailer until a new CEO is named.
Shares of JCPenney fell as much as 8% in early trading on May 22 after Ellison’s departure was announced, while shares of Lowe’s rose approximately 1.7%, according to Business Insider. JCPenney's stock price has declined by 35% since the beginning of the year.
Lowe’s also has appointed Richard W. Dreiling as Chairman of the Board, effective July 2.