Department store chain J.C. Penney has given its CEO Marvin Ellison the additional title of chairman, effective August 1.
He succeeds Myron E. (Mike) Ullman, III who will be retiring in accordance with the transition plan that the company outlined in 2014.
In 2014, Ellison joined J.C. Penney from The Home Depot and served as president and CEO-designee through July 2015. He officially became CEO on August 1 of last year.
“Over the past year and a half, he has proven himself to be the right leader for our company, as we have made significant progress in implementing the changes needed to rebuild J.C. Penney into a successful, modern retailer with a profitable and sustainable business,” Ullman said of Ellison.
Ellison said, “It is an honor to succeed Mike as the next chairman of J.C. Penney. Mike has demonstrated great leadership, twice as CEO, and for the past year as our executive chairman. I look forward to continuing to work with our talented board and management team as we continue to take the steps necessary to drive the resurgence of J.C. Penney.”