Marvin Ellison, chairman and CEO of J.C. Penney Company, resigned today to take the top job at Lowe’s Companies Inc.
J.C. Penney, which is based in Plano, Texas, created the office of the CEO with a four-person team that will run the retailer until a new CEO is named, but analysts predicted that Ellison’s departure might signal the end of Penney’s because it can’t keep up with the rapidly changing retail landscape. Penney’s shares plunged after Ellison’s announcement.
Ellison, who was named Lowe’s president and CEO, will take over July 2, 2018, succeeding Robert A. Niblock, who previously announced his intention to retire. Richard W. Dreiling, a director at Lowe’s since 2012, has been named chairman.
Lowe’s Companies is a Mooresville, North Carolina-based Fortune 500 home improvement company serving more than 18 million customers a week in the United States, Mexico and Canada.
Its 2017 fiscal year sales were $68.6 billion.