J.C. Penney Names Home Depot Executive As President And Incoming CEO

J.C. Penney Company Inc. named Home Depot Inc.'s executive vice president of stores, Marvin Ellison, as the department store's next president, with plans to make him CEO in 2015.

Ellison will join J.C. Penney Nov. 1 as CEO-designee and board member, the Plano, Texas-based company announced Monday. Prior to his 12 years at Home Depot, Ellison spent 15 years in various roles at Target. Ellison will take over as CEO Aug. 1, 2015, replacing long-time CEO Mike Ullman.

"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," Thomas Engibous, chairman of J.C. Penney's board of directors, said in a statement.

The move follows the retailer's efforts to revamp the business after a failed attempt to modernize J.C. Penney's look under former CEO Ron Johnson, who came to the department store chain as an Apple Inc. executive. Ullman had been CEO before Johnson and took back the role in April 2013 to try to win back customers. J.C. Penney has lost billions of dollars over the past three years.