The JCPenney Board of Directors has selected Marvin Ellison, current EVP of U.S. Stores at The Home Depot, as the company’s next President and CEO-Designee effective November 1, 2014. Ellison also will officially succeed current CEO Myron “Mike” Ullman III as CEO and a member of the JCPenney Board of Directors when Ullman steps down on August 1, 2015.
Ellison has nearly 30 years of retail experience, serving in his current position since August 2008. He has worked at Home Depot in numerous executive roles for 12 years, including President of the company’s Northern Division and SVP of Global Logistics. Prior to joining Home Depot, Ellison spent 15 years with Target in a variety of operational roles, including Corporate Director of Asset Protection.
“[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, Chairman of the JCPenney Board of Directors. “In light of these attributes, we believe he is well equipped to return the Company to profitable growth.”
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After stepping down, Ullman will become the Executive Chairman of the Board of Directors for one year.
