Lowe's Appoints J.C. Penney Executive Marvin Ellison As President And CEO

(RTTNews) - Lowe's Companies Inc. (LOW) said Tuesday that it has appointed Marvin Ellison as president and Chief Executive Officer, effective July 2, 2018. He will also join Lowe's board of directors at that time. Ellison succeeds Robert Niblock, who previously announced his intention to retire.

The Lowe's board has also appointed Richard Dreiling, a director of Lowe's since 2012, as chairman, effective July 2, 2018.

Marvin Ellison currently serves as chairman and Chief Executive Officer of J. C. Penney Company, Inc., and previously served as president and CEO-designee of JCPenney from 2014 to 2015. Before that, Ellison spent more than 12 years at The Home Depot, Inc., where he served as executive vice president of U.S. stores from 2008 to 2014 and was responsible for sales, profit and overall operations for 2,000 stores, more than 275,000 employees and $65 billion in annual sales volume. Prior to joining The Home Depot, Ellison spent 15 years at Target Corporation in a variety of operational roles.

Ellison is currently a director of FedEx Corporation, the Retail Industry Leaders Association and the National Retail Federation.

In Tuesday pre-market trade, LOW is trading at $88.75, up $1.38 or 1.58 percent.

In the pre-market trade, JCP is currently trading at $2.32, down $0.19 or 7.57 percent.