Dallas–JCPenney has found a permanent CEO to replace Mike Ullman next year. Marvin Ellison, the EVP of stores at Home Depot and a former Target executive, joins JCPenney as president and CEO-Designee on November 1 this year and will succeed Ullman on August 1, 2015. Once Ellison becomes CEO, Ullman will become executive chairman of the board for one year.
Ellison, 49, has been with Home Depot for the last 12 years and EVP of stores since 2008. He spent 15 years at Target, rising to corporate director of asset protection. He serves on the board of FedEx.
‘History of Delivering Top Line Results’
“I am honored by this appointment and excited about the opportunity to help lead the continued resurgence of JCPenney,” said Ellison in a statement. “This company has been an important part of the American retail landscape for over one hundred years. Today, it is moving in the right direction and there is an extraordinary passion to win at every level of the organization. As president and, ultimately, CEO, I will be focused on positioning the company to compete in a rapidly changing retail environment for the benefit of our customers, shareholders, suppliers and associates. I am confident that we have the customer proposition, the brand, and the talent to make JCPenney successful over the long term.”
JCPenney chairman Thomas J. Engibous called Ellison “a highly accomplished retail executive with a history of delivering top and bottom line results at major American retailers.”
Ullman, who served as chief executivev of JCPenney from 2004 to 2011, was brought back in April 2013 to replace Ron Johnson, who was fired after a rocky tenure at the helm of the retailer.
“It is a great pleasure to welcome Marvin Ellison to JCPenney,” said Ullman. “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.”
“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,” Engibous said in a statement. “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.”