J C Penney Company Inc (NYSE:JCP) Hires The Home Depot, Inc. (NYSE:HD)’s Executive Marvin Ellison As Its President and CEO-Elect

Boston, MA 10/14/2014 (wallstreetpr) – J C Penney Company Inc (NYSE:JCP) disclosed the appointment of The Home Depot, Inc. (NYSE:HD)’s EVP of Stores, Margin Ellison, as its President and CEO-Designee. The appointment would take effect from November. The move indicated a smooth transition, as well as, well-planned strategy to stimulate growth in the coming years.

To Succeed Current CEO

In a statement issued to the media, the company indicated that Ellison would join the Board of Directors. He would succeed Myron Ullman as the CEO from August 1 next year. Ullman would then become Executive Chairman of the company’s Board for one year.

Wide Experience

Before entering the Home Depot 12 years ago, he worked in different positions for one and half decades in Target Corporation (NYSE:TGT). Ellison brings in close to three decades of experience in the retail industry. He was the senior most leader in operations for the Home Depot’s 2000 stores. He was also SVP of Global Logistics and supervised transportation, domestic distribution, appliance and store delivery, international logistics and import distribution.

J C Penney Company Inc (NYSE:JCP) said that Ellison has proved himself his ability to deliver results by enhancing operations, establishing customer loyalty and on top of it motivating his teams during the course of his career. The company believed that he was a perfect fit for the role of President and CEO. J C Penney Company Inc (NYSE:JCP) indicated that he has the right quality to take the company further in view of the improvements achieved in the last one and half year period.

Management Comments

J C Penney Company Inc (NYSE:JCP)’s Chairman, Thomas Engibous, said that with the hiring of Ellison, it has completed its search for the CEO position. He said that Ellison was a highly accomplished executive in the retail sector. He expressed the confidence that Ellison would be able to lead the next stage of the company’s growth.

The chairman was also hopeful that the new president and CEO-elect would be able to bring J C Penney to profitable growth.

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Published by Steve Hackney

Steve Hackney is a corporate finance professional with over 14 years of experience in cash management and investing. He earned a Bachelor of Science in Finance from Florida State University and holds a Certified Treasury Professional certification. Steve lives in Orlando, Florida with his family.