After an executive search of more than a year, retail giant JCPenney now has a new CEO, Marvin Ellison, 49, the first minority to hold the position in the company’s 112-year history. Ellison joins the firm following a 12-year management position at Home Depot, and he also spent 15 years at Target in a variety of positions including corporate director of asset protection. He will initially serve as president and CEO-designee under current CEO Mike Ullman starting Nov. 1 and will officially take over on Aug. 1, 2015.
Thomas Engibous, chairman of JCPenney’s Board of Directors, said, “The Board has completed its search for the right CEO to lead the next stage of JCPenney’s growth. We are delighted to have found that person in Marvin Ellison, a highly accomplished retail executive with a history of delivering top and bottom line results at major American retailers.
“He brings to the role, among other assets, an extensive knowledge of store operations and supply chain management as well as a demonstrated ability to successfully run large retail organizations. In light of these attributes, we believe he is well equipped to return the company to profitable growth.”
Ellison also served on the board of FedEx. He earned a business administration degree in marketing from the University of Memphis and a Master of Business Administration from Emory University.
“I am honored by this appointment and excited about the opportunity to help lead the continued resurgence of JCPenney,” said Ellison in a release. “This company has been an important part of the American retail landscape for over 100 years. Today, it is moving in the right direction and there is an extraordinary passion to win at every level of the organization.”
