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J.C. Penney’s Ellison Resigns, Takes CEO Role At Lowe’s

Lowe’s has named Marvin Ellison president and CEO, effective July 2. He will also join Lowe’s board of directors at that time. Ellison succeeds Robert Niblock, who previously announced his intention to retire.

A 30-year industry veteran, Ellison currently serves as chairman and CEO of J.C. Penney Company, where he implemented a turnaround strategy. He also spent 12 years in senior level operations roles with The Home Depot, where he served as evp/U.S. stores. At The Home Depot, Ellison oversaw U.S. sales, operations and pro strategic initiatives.

Marshall Larsen, lead director of the board for 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. Marvin joins Lowe’s at a critical inflection point as we work to enhance our competitive position and capitalize on solid project demand in an evolving consumer environment. We look forward to shepherding an exciting new chapter for Lowe’s under Marvin’s leadership.”

In addition, the Lowe’s board has also appointed Richard Dreiling, a director of Lowe’s since 2012, as chairman, effective July 2. Dreiling served as CEO of Dollar General Corporation from 2008 to 2015, and as chairman from 2008 until 2016.

In a statement, J.C. Penney Company said that Ellison will remain a director and CEO of the retailer through June 1. The board of directors has elected current lead independent director Ronald Tysoe as chairman of the board and has created an Office of the CEO, which will be comprised of chief financial officer Jeff Davis, chief customer officer Joe McFarland, chief information officer and chief digital officer Therace Risch and evp/supply chain Mike Robbins. They will share equal responsibility for the company’s day-to-day operations until a new CEO is appointed. A search committee has been formed to conduct a search for a chief executive officer at J.C. Penney.