JCPenney Names Home Depot Executive As Its Next CEO

JCPenney's next CEO will be Home Depot executive Marvin Ellison, the company announced Monday.

Ellison, currently Home Depot's executive vice president of stores, will join JCPenney's board of directors and take over as president and CEO-designee on Nov. 1. He will succeed CEO Mike Ullman in August 2015.

In a release, Ellison called JCPenney, "an important part of the American retail landscape" and said the company "is moving in the right direction."

"As president and, ultimately, CEO, I will be focused on positioning the Company to compete in a rapidly changing retail environment for the benefit of our customers, shareholders, suppliers and associates," he said. "I am confident that we have the customer proposition, the brand, and the talent to make JCPenney successful over the long term."

Ellison, 49, has worked for Home Depot for the last 12 years and he's been the head of U.S. stores for the last six. Before that, he spent 15 years working for Target in a variety of operational roles.

Thomas J. Engibous, the chairman of JCPenney's board of directors, called Ellison a "a highly accomplished retail executive with a history of delivering top and bottom line results at major American retailers."

"The board has completed its search for the right CEO to lead the next stage of JCPenney's growth," Engibous said. "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."