The board of directors of J C Penney Company Inc (NYSE:JCP) appointed Marvin Ellison as president and CEO-designee starting November 1, 2014. Ellison is currently serving as executive vice president of stores at The Home Depot, Inc. (NYSE:HD).
J C Penney CEO Mike Ullman to become executive chairman
J C Penney Company Inc (NYSE:JCP) said Ellison will become a member of its board of directors. He will take over Mike Ullman’s role as CEO of the company on August 1, 2015.
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At the time, Ullman will serve as executive chairman of the board of directors of J C Penney Company Inc (NYSE:JCP) for one year.
In a statement, J C Penney Chairman Thomas J. Engibous said, “The board has completed its search for the right CEO to lead the next stage of J C Penney’s growth. We are delighted to have found that person in Marvin Ellison, a highly accomplished retail executive with a history of delivering top and bottom line results at major American retailers.”
Engibous added that Ellison has an extensive knowledge of store operations and supply chain management and successfully managed large retail organizations. Ellison spent 12 years at The Home Depot, Inc. (NYSE:HD) and he also held various position at Target Corporation (NYSE:TGT).
“In light of these attributes, we believe he is well equipped to return the Company to profitable growth,” said Engibous.
Commenting on his appointment, Ellison said, “I am honored by this appointment and excited about the opportunity to help lead the continued resurgence of JC Penney.”
J C Penney is moving in the right direction
Ellison also emphasized that J C Penney Company Inc (NYSE:JCP) is an important part of the retail industry in the United States for more than a hundred years. He added that the company is moving in the right direction, and every level of its organization has an extraordinary passion for winning.
In his role as president and eventually CEO of J C Penney Company Inc (NYSE:JCP), Ellison intends to focus on positioning the company to compete in a rapidly changing retail environment.
“I am confident that we have the customer proposition, the brand, and the talent to make JC Penney successful over the long term,” said Ellison.
Meanwhile, Ullman welcomed the appointment of Ellison and acknowledged his ability to produce results by improving operations, building customer loyalty and motivating his teams.
“His experience and leadership are exactly what we need to accelerate the progress we have made over the last 18 months. I look forward to working closely with him and the rest of our outstanding team in the coming months to ensure a smooth transition and a successful future for J C Penney,” said Ullman.
Analysts at Sterne Agee commented that the appointment of Ellison is a bright spot for J C Penney Company Inc (NYSE:JCP). Sterne Agee analyst Charles Grom and his colleagues noted that Ullman has “done a respectable job stabilizing” the company, and it needs a new vision for its transformation and fix its deteriorating traffic.
According to the analysts, Ellison’s background should help the in-store experience at J C Penney Company Inc (NYSE:JCP). The shares of the company climbed more than 2% to $7.28 per share at the time of this writing, around 12:01 in the afternoon in New York.