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JCPenney Names Next Chief

Home Depot's Marvin Ellison to take reins next year

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JCPenney Co. (Plano, Texas) has named Marvin Ellison, vp of stores for Home Depot, as its next ceo.

Ellison will join the retailer on November 1 as ceo-designee but will not become its active ceo until next August, replacing current ceo Mike Ullman.

The move comes after JCPenney's modernization attempt under former ceo Ron Johnson failed to turn around sales at the department store chain. Ellison is credited with helping to increase profits at Home Depot for five straight years, according to CNBC.

 

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