JC Penney Names Home Depot Exec New CEO

JC Penney Company Inc, the famous American departmental store chain, has reportedly name Marvin Ellison  the new CEO of the company effective November 01, 2014. He was earlier the  executive vice president of stores at Home Depot.

The board of directors unanimously nominated Ellison to lead JC Penney. He will be replacing Myron E. (Mike) Ullman, the current CEO who will become the Executive Chairman of JC Penney's Board once he steps down.

"I would like to express the Board's deep gratitude to Mike Ullman for all he has done, and will continue to do, for JCPenney. After agreeing to return to the Company during the most difficult period in its history, he has stabilized the business, improved performance across the board, and placed the Company on a course for profitable growth. His dedicated service has been invaluable to the Company, and we look forward to his continued contributions as CEO during the transition and as Executive Chairman thereafter," Thomas J. Engibous, Chairman of JCPenney's board of directors said in a statement.

Engibous added that Ellison will be a perfect fit at JC Penney's  especially with his expertise in leading and working with major American chain outlets.

"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," Engibous added.

Ellison said he was honored by the appointment and was excited about the opportunity. He added that as CEO, his main focus will be positioning JC Penney in the right light and environment to benefit customers, shareholders, associates and suppliers as well.

"I am confident that we have the customer proposition, the brand, and the talent to make JCPenney successful over the long term," Ellison said.

Ullman is also pleased with the decision of Ellison's appointment.

"It is a great pleasure to welcome Marvin Ellison to JCPenney. Over the course of his career, he has proven his ability to produce results by improving operations, building customer loyalty, and motivating his teams. His experience and leadership are exactly what we need to accelerate the progress we have made over the last 18 months. I look forward to working closely with him and the rest of our outstanding team in the coming months to ensure a smooth transition and a successful future for JCPenney," Ullman said in the statement.