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JC Penney taps Home Depot executive as new CEO
J.C. Penney Co. Inc.’s board of directors announced Monday the appointment of Marvin Ellison to president and CEO-designee, effective Nov. 1.
Plano, Texas--J.C. Penney Co. Inc.’s board of directors announced Monday the appointment of Marvin Ellison to president and CEO-designee, effective Nov. 1.
Ellison, currently executive vice president of stores at Atlanta-based The Home Depot, will succeed Myron (Mike) Ullman III as CEO of J.C. Penney on Aug. 1, 2015, when Ullman will become executive chairman of the board for one year.
J.C. Penney is in the midst of a turnaround, which has included the addition of private, national and exclusive brands. The retailer is focusing on expanding its fine jewelry offerings, particularly in bridal, in an attempt to attract more affluent consumers.
The company also recently announced plans to open its first store in Brooklyn, which will offer revamped fine jewelry and watch departments as well as an overall contemporary look, J.C. Penney said.
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“We believe (Ellison) is well equipped to return the company to profitable growth,” said Thomas Engibous, chairman of J.C. Penney’s board of directors. “His experience and leadership are exactly what we need to accelerate the progress we have made over the last 18 months.”
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