J.C. Penney Appoints Marvin Ellison As President, CEO-Designee - Quick Facts

(RTTNews) - J. C. Penney Company, Inc. (JCP) announced that it has appointed Marvin Ellison, currently executive vice president or EVP of stores at Home Depot, as President and CEO-Designee, effective November 1, 2014.

The company said Ellison will also join the Board of Directors and he will then succeed Myron E. (Mike) Ullman, III as CEO of J.C. Penney on August 1, 2015. At that time, Ullman will become Executive Chairman of the Board for a period of one year.

Giving a brief description on Ellison, the company said he has spent the last 12 years at Home Depot. As executive vice president of U.S. stores since August 2008, he has been the senior-most operations leader for Home Depot's approximately 2,000 stores. Prior to that, he was president of the Northern Division, a role in which he had responsibility for the sales and operations of more than 700 stores in 21 states and led a team of more than 150,000 associates.

Before joining Home Depot, Ellison spent 15 years with Target in a variety of operational roles, including Corporate Director of Asset Protection, J.C. Penny noted.