JCPenney announces CEO Marvin Ellison as its new Chairman

The Board of Directors of J. C. Penney Company has appointed Chief Executive Officer Marvin R. Ellison to the additional position of Chairman, effective August 1, 2016. Ellison succeeds Myron E. (Mike) Ullman, III who will be retiring in accordance with the transition plan that the company outlined in 2014.

"I am delighted that the board has appointed Marvin as Chairman. Over the past year and a half, he has proven himself to be the right leader for our company, as we have made significant progress in implementing the changes needed to rebuild JCPenney into a successful, modern retailer with a profitable and sustainable business. It's been a privilege to work closely with Marvin, and I am pleased to know that this Company is in good hands for the future," said Ullman.

"It is an honor to succeed Mike as the next Chairman of JCPenney. Mike has demonstrated great leadership, twice as CEO, and for the past year as our Executive Chairman. For someone who started his retail career as a 4.35 dollars per hour store security officer, it is a blessing and an honor to be named Chairman of JCPenney,” added Ellison.

Marvin Ellison has been Chief Executive Officer of J. C. Penney Company since August 1, 2015. He served as president and CEO-Designee of J. C. Penney from November 1, 2014 through July 2015. From August 2008 through October 2014, he served as executive vice president - US Stores of The Home Depot. From June 2002 to August 2008, he served in a variety of operational roles at The Home Depot. Prior to joining The Home Depot, Ellison spent 15 years at Target Corporation in a variety of assets protection and operational roles.

He serves on the board of directors of FedEx. He is actively involved in philanthropic efforts including mentoring programs aimed at developing inner-city youth.