J.C. Penney Co. has hired former Target Corp. executive Marvin Ellison to be CEO.
Ellison, 49, spent 15 years in operational roles at Minneapolis-based Target including corporate director of assets protection. He then started a 12-year career with Home Depot, most recently overseeing about 2,000 stores as executive vice president of stores.
He will join Plano, Texas-based J.C Penney’s board and become president Nov. 1 and become CEO Aug. 1.
During his tenure at the home improvements retailer, he served in positions including president of the northern division and senior vice president of global logistics. He also serves on the board of FedEx.
Current CEO Myron E. (Mike) Ullman III served as CEO December 2004 to April 2012 and was rehired after Penney (NYSE: JCP) ousted Ron Johnson, a former Apple executive (and a Target veteran, as well) brought in to turn the retailer around. Under Ron Johnson, Penney lost $985 million.
Since he has returned, Ullman has been working to reinstate some of Penney’s former identity as well as introduce new programs and elements in attempts to win back lost customers and attract new ones. Penney most recently reported a smaller-than-expected loss of $206 million during its fourth quarter. During the same quarter the previous year, it lost $552 million.
Ullman will assume the role of executive chairman of the board for one year when Ellison becomes CEO.
Source: Biz Journals