J.C. Penney has named a Home Depot executive as its next CEO.
The department store operator said Monday that Marvin Ellison, currently executive vice president of stores at Home Depot Inc., will become president in November and as CEO next August.
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The 49-year-old Ellison will take over the CEO post from Mike Ullman, who came back to the Plano, Texas company's helm in April 2013 after former CEO Ron Johnson was ousted after only 17 months on the job.
Ellison, who will also join J.C. Penney Co.'s board, will take over as CEO on Aug. 1, 2015. Ullman will become executive chairman of the board at that time, serving in the position for a year.