JC Penney snaps up Home Depot exec as CEO

PLANO, Tex. — JC Penney shares are looking up after the announcement of Home Depot’s Marvin Ellison as the clothing retailer’s president and CEO. Ellison will become president and CEO-designate November 1, continuing in that role until he formally succeeds Mike Ullman on August 1, 2015. Ullman will then take up a spot on the JC Penny board as executive chairman for one year. Ellison is currently executive VP of stores for Home Depot, a firm he’s been with for 12 years.