Lowe’s has named Marvin Ellison, former chairman and current CEO of J.C. Penney Co., as president and CEO, effective July 2.
In March, Lowe’s announced a search for a new chief executive to replace retiring chairman, president and CEO Robert A. Niblock.
Ellison comes to Lowe’s not only with experience leading J.C. Penney for three years, but also having served in executive positions with Home Depot.
“Attracting Marvin is a great win for the entire Lowe’s team,” says Marshall Larsen, lead director of the board for Lowe’s. “Marvin is an experienced retail CEO with extensive expertise in a complex omnichannel consumer-facing company. He also 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 led major changes at J.C. Penney, including a return to selling large kitchen and laundry appliances more than 20 years after the company abandoned appliance sales.
In his role at J.C. Penney, Ellison guided the company “through a turbulent period,” according to USA Today.
Previously, Ellison spent 12 years in senior-level operations roles with Home Depot, where he served as executive vice president of U.S. stores. During his time with Home Depot, he oversaw U.S. sales, operations and pro strategic initiatives, improving customer service and efficiency across the organization for DIYers and pros, according to Lowe’s.
“In addition to his position at J.C. Penney, Marvin joins Lowe’s at a critical inflection point as we work to enhance our competitive position and capitalize on solid project demand in an evolving consumer environment,” Larsen says. “We look forward to shepherding an exciting new chapter for Lowe’s under Marvin’s leadership.”
J.C. Penney confirmed Ellison’s departure, saying a team of executives would serve as the “office of the CEO” while the company searches for a permanent replacement for Ellison.
Ellison contributed significantly to J.C. Penney’s strength as a company, J.C. Penney board chairman Ronald Tysoe says.
“During his tenure, the company retired $1.4 billion in debt, renewed and enhanced its revolving credit facility and has significantly strengthened the company’s financial position,” Tysoe says. “Additionally, he assembled a strong leadership team that will continue to serve the company in an elevated capacity to ensure the entire organization remains focused on our customer and improving results. We thank Marvin for his leadership and dedication, and wish him much success in his next endeavor.”