JCPenney grabs Marvin Ellison from Home Depot, names him CEO

JCPenney, which has struggled to regain its footing in the clothing business after alienating its customers in 2011, is now looking to bring in its third CEO in under four years. The company named Marvin Ellison, who is currently at Home Depot, as its new chief executive.

Ellison, the current executive VP of stores at Home Depot, was named President and CEO-designate on Monday. He will start on Nov. 1 and fully take over as CEO on Aug. 1, 2015. He takes over for the departing Myrin E. Ulman.

Ellison was at Home Depot for 12 years and previously worked at Target.

According to Forbes, Ulman will stay with the company with an executive position on the board.

“It is a great pleasure to welcome Marvin Ellison to JCPenney,” Ulman said in a statement. “Over the course of his career, he has proven his ability to produce results by improving operations, building customer loyalty, and motivating his teams.”

JCPenney has been stuck in a rut since 2011, when it hired Ron Johnson, a former Apple executive, to turn the company around. Instead, the company continued to struggle under a new look in stores, so Johnson was kicked out. Ullman was then hired, but sales remained slow. Investors will have to hope that Ellison can do something to shake things up.

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