JC Penney Names President, CEO Successor

October 13, 2014  by in Executive Changes, Furniture Retailing, Industry   

Marin Ellison has been appointed president and CEO-designee of the department store chain. The appointment is effective Nov. 1. Ellison will also join the company's board of directors. He will succeed Mike Ullman as CEO of the company Aug. 1, 2015.

In August, Ullman will become executive chairman of the board for one year.

Ellison, 49, has been with Home Depot for 12 years. Prior to his time with the home improvement chain, he worked for Target (NYSE: TGT) for 15 years where he held a number of positions.

"The board has completed its search for the right CEO to lead the next stage of JCPenney's growth," said Thomas Engibous, chairman of the board. "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. 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."

At Home Depot, Ellison has been executive vice president of U.S. stores since 2008. Prior to that, he was president of the company's northern division where he was responsible for sales and operations of more than 700 stores in 21 states.

In addition to his retail experience, Ellison sits on the board of directors for FedEx.