Ever since JCPenney gave Ron “No More Sales, Ever!” Johnson the boot from the company’s top spot in 2013 after 18 unsuccessful months spent trying to turn things around, it’s been trying to find just the right executive to fill that tough role. It seems that hunt is over now, as an executive from Home Depot has been named JCPenney’s new Chief Executive Officer.
While interim CEO Myron Ullman — who also held that position from 2004 to 2011 — had been able to stop the bleeding from the Ron Johnson era, as it were, it was time for someone permanent to step in. That person is Marvin Ellison, who helped boost Home Depot out of its slump, reports Reuters.
Ellison worked for Target Corp. for 15 years before signing on at Home Depot in 2002, where he’s been in charge of the chain’s U.S. stores business since 2008.
“Ellison has a successful track record of simplifying store operations, improving customer service, and … is widely known for being a great leader and motivator,” BMO Capital Markets analyst Wayne Hood wrote in a note.
Home Depot clawed its way back from two years of slumping sales under Ellison and the company’s CEO Frank Black, a performance which JCPenney would no doubt love to mimic.
Ellison starts Nov. 1 as president and CEO-designee, officially becoming the head of the company on Aug. 1, 2015. Ullman will hang out as executive chairman for a year after Ellison takes over.
J.C. Penney names Home Depot executive to succeed CEO Ullman [Reuters]
by Mary Beth Quirk via Consumerist
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