Home Depot VP to become JCPenney CEO

Marvin Ellison, who was rumored to be on the bubble as a possible replacement for outgoing Home Depot CEO Frank Blake, has been named president and chief executive officer-designee of retail giant JCPenney.

Ellison, executive vice president of Home Depot stores, moves to JCPenney on Nov. 1, though he won’t become CEO until Aug. 1, 2015 when Myron “Mike” Ullman, the company’s current leader, steps down.

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Ellison has held a number of positions at Home Depot, including overseeing the home improvement leader’s Northern Division and as senior vice president of global logistics. Before coming to Home Depot, Ellison, 49, worked at Target in a variety of roles, including corporate director of asset protection.

Craig Meaner, who has been president of Home Depot’s U.S. retail operations, was named CEO of Home Depot in August and will take the post Nov. 1.

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

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