J.C. Penney’s Marvin Ellison Heads to Lowe’s

MOORESVILLE, N.C.—Lowe’s has named Marvin Ellison president and CEO.

Ellison, lately chairman and CEO of J.C. Penney, succeeds the retiring Robert Niblock. Ellison will stay a director and CEO at J.C. Penney thru June 1, however will step down from his place as chairman of the board efficient right away. He is taking the reins at Lowe’s July 2.

Ellison served as president of J.C. Penney from 2014 to 2015, when he was once named CEO. He added the chairman identify a 12 months later. He has been credited with a turnaround technique which has advanced the corporate’s steadiness sheet, greater retailer productiveness, optimized operations and grown key classes, Lowe’s mentioned in a remark. Ellison additionally spent greater than 12 years in senior-level operations roles with The House Depot Inc., the place he served as govt vice chairman of U.S. shops for the ultimate six years of his tenure.

“Attracting Marvin is a brilliant win for all of the Lowe’s crew,” mentioned Marshall O. Larsen, lead director of the Lowe’s board. “Marvin is an skilled retail CEO with intensive experience in a posh omni-channel consumer-facing corporate. He additionally brings important revel in in the house growth {industry}, with a confirmed observe document of world operational excellence and using effects from each DIY and Professional consumers. Marvin joins Lowe’s at a important inflection level as we paintings to beef up our aggressive place and capitalize on cast undertaking call for in an evolving user atmosphere.”

“Running carefully with Lowe’s board, control crew and the greater than 310,000 gifted staff, I imagine we can now not simply compete, however win in as of late’s advanced retail atmosphere,” Ellison mentioned. “In combination, we can leverage Lowe’s omnichannel functions to ship the most straightforward and seamless buyer studies as we execute with objective and put the client first in the whole lot we do.”

Ellison may even sign up for Lowe’s board of administrators, which has simply appointed Richard W. Dreiling, a director of Lowe’s since 2012, as chairman.

J.C. Penney’s board has elected present lead unbiased director Ronald W. Tysoe as chairman and created an place of work of the CEO, which will probably be produced from Leader Monetary Officer Jeff Davis, Leader Buyer Officer Joe McFarland, Leader Knowledge Officer and Leader Virtual Officer Therace Risch and Govt Vice President of Provide Chain Mike Robbins. Those 4 leaders will percentage equivalent accountability for the corporate’s day by day operations till a brand new CEO is appointed, J.C. Penney mentioned. A seek committee has been shaped to behavior a seek for a brand new CEO.

“I wish to thank Marvin for his many important contributions to J.C. Penney over the last 3 years. All over his tenure, the corporate retired $1.4 billion in debt, renewed and enhanced its revolving credit score facility and has considerably reinforced the corporate’s monetary place,” mentioned Tysoe. “Moreover, he assembled a robust management crew that can proceed to serve the corporate in an increased capability to make sure all of the group stays fascinated about our buyer and making improvements to effects. We thank Marvin for his management and determination, and want him a lot good fortune in his subsequent enterprise.”

“I wish to in my view thank all of the J.C. Penney crew for his or her loyalty and difficult paintings through the years,” Ellison mentioned. “Their warrior spirit is unequalled, and I’ve the maximum self assurance that JCPenney has the skill and experience to succeed in sustainable, long-term enlargement.”