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JCPenney Plucks New CEO From Home Depot

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Photo: Getty Images
Photo: Getty Images

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It's been just over a year and a half since JCPenney fired Ron Johnson and put former CEO Mike Ullman back in the driver's seat. Now, the retailer has announced Ullman's latest successor: Marvin Ellison, the executive VP of stores at Home Depot and former Target retail exec.

Ellison will start in his new position as president and CEO-Designee of JCPenney on November 1st, although Ullman will remain the company's acting CEO until August 1st, 2015. According to the press release from JCPenney, Ullman will then become Executive Chairman of the Board for one year while Ellison takes over as CEO.
· JCPenney Names Marvin Ellison President and CEO-Designee [JCPenney]
· Fired JCPenney CEO Has a Promising New Startup [Racked]
· JCPenney Targets Hipsters With Free Beard and Bang Trims [Racked]