J.C. Penney chairman and CEO Marvin Ellison has resigned, and will lead Lowe’s, leaving JCP’s other senior leaders to collectively serve as CEO in the interim.
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For Ellison, his move is a return to working for a home improvement retailer. Prior to joining J.C. Penney, he was executive vice president of stores at Home Depot. Lowe’s will pay Ellison a base salary of $1.45 million.
Ellison will remain a director and CEO at JCP through June 1, but he will step down from his position of chairman effective immediately. The company’s four other leaders will share the CEO responsibility until the search committee finds a new leader. Ronald Tysoe will become chairman.
Lowe's CEO Robert Niblock previously announced his intent to retire once a successor was found.