CEO of the US-based department store chain JC Penney (NYSE:JCP), Marvin Ellison, has left the company to become the new CEO of the home improvement chain Lowe’s Companies (NYSE:LOW).
JC Penney announced the resignation of Ellison, it’s Chairman and CEO, on Tuesday and shares of the company fell by nearly 4%.
JC Penney CEO
Ellison will remain CEO of the retail company until June 1, 2018, but will ultimately be leaving his position “to pursue another opportunity with Lowe’s Companies.”
Until a new CEO is appointed, JC Penney will be run by its Chief Financial Officer Jeff Davis, Chief Customer Officer Joe McFarland, Chief Information Officer and Chief Digital Officer Therace Risch and Executive Vice President of Supply Chain Mike Robbins.
Lowe’s also announced on Tuesday that Ellison would take on his new role as CEO and President of the company as of July 2, 2018.
>>US Grocery Store Kroger to Partner with UK Supermarket Ocado
Before working for JC Penney, Ellison worked for The Home Depot, one of Lowe’s competitors in the home improvement sector, for 12 years.
According to Marshall Larsen, the lead Director of Lowe’s Board of Directors, Ellison “is a great win for the entire Lowe’s team” as he “brings significant experience in the home improvement industry, with a proven track record of global operational excellence and driving results from both DIY and Pro customers.”
Ellison has said that he has “the utmost confidence that JCPenney has the talent and expertise to achieve sustainable, long-term growth.”
Shares of JC Penney have fallen nearly 4%, reaching approximately $2.40 USD since the announcement was made and have reached a high of $2.50 and a low of $2.28.
Comparatively, the company closed at a share value of $2.50 on Monday.
Shares of Lowe’s have been faring better and have only declined by approximately 1% to around $86. 42 and have reached a high of $90.35 and a low of $86.40.
Comparatively, Lowe’s closed at a share value of $87.39 on Monday.
Featured Image: twitter
