Myron “Mike” Ullman III, the longtime and former CEO of JCPenney, is retiring from his position as company Chairman, effective August 1, 2016. Ullman will be succeeded by JCPenney’s current CEO, Marvin Ellison, as part of the transition plan the company outlined in 2014.
Ellison has been working as President and CEO-Designee since November 1, 2014. He came over from The Home Depot, where he served as EVP of U.S. Stores from August 2008 through October 2014. With a target goal of helping JCPenney reach $1.2 billion in profitability, Ellison has helped engineer a reversal in fortunes for JCPenney despite the disappointing Q1 results of other department stores. While JCPenney’s revenue dipped 1.6% in the quarter, the retailer narrowed its losses from $150 million to $68 million.
Ullman first led JCPenney from December 2004 to November 2011. He was succeeded by Ron Johnson, whose attempt to reinvent JCPenney’s branding and pricing strategies resulted in a steep dip in profits and revenue.
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In April 2013, Ullman returned as CEO to lead a turnaround effort until passing the position to Ellison on August 1, 2015. In the span between Ullman’s first retirement as CEO and the Ellison’s appointment, the retailer endured a net loss of $1.6 billion, a $3 billion cash drain, and a market cap drop of $4 billion (a 56% loss).
“Mike has demonstrated great leadership, twice as CEO, and for the past year as our Executive Chairman,” Ellison said in a statement. “For someone who started his retail career as a $4.35 per hour store security officer, it is a blessing and an honor to be named Chairman of JCPenney. I look forward to continuing to work with our talented board and management team as we continue to take the steps necessary to drive the resurgence of JCPenney.”
Ronald Tysoe will continue as the Lead Independent Director of the JCPenney Board of Directors.
