JCPenney CEO to Move to Lowe’s

On Tuesday, JCPenney announced the resignation of its Chairman and CEO Marvin R. Ellison. Ellison has been appointed President and CEO of home-improvement retailer Lowe’s, effective July 2. He will remain a Director and CEO of JCPenney through June 1, though he will step down from his position as Chairman of the Board effective immediately. At Lowe’s, Ellison will succeed Robert A. Niblock, who previously announced his intention to retire. Ellison has been JCPenney’s Chairman since 2016 and CEO since 2015. Prior to joining JCPenney, Ellison spent 12 years at Lowe’s biggest home-improvement competitor, Home Depot, where his roles included Executive Vice President of US Stores and Senior Vice President of Logistics. Marshall O. Larsen, Lead Director of the Board at Lowe’s, said:

Attracting Marvin is a great win for the entire Lowe's team. Marvin is an experienced retail CEO with extensive expertise in a complex omnichannel consumer-facing company. He also brings significant experience in the home improvement industry, with a proven track record of global operational excellence and driving results from both DIY and Pro customers.

JCPenney’s Board of Directors has elected current Lead Independent Director Ronald W. Tysoe as Chairman of the Board. Tysoe said:

I want to thank Marvin for his many significant contributions to JCPenney over the past three years. During his tenure, the Company retired $1.4 billion in debt, renewed and enhanced its revolving credit facility and has significantly strengthened the Company's financial position.

JCPenney has created an Office of the CEO that will take responsibility for the company’s day-to-day operations until a new CEO is appointed. The office will be comprised of Chief Financial Officer Jeff Davis, Chief Customer Officer Joe McFarland, Chief Information Officer and Chief Digital Officer Therace Risch and Executive Vice President of Supply Chain Mike Robbins. JCPenney last week reported disappointing results for 1Q18. Lowe’s is set to report its 1Q18 results today.