Home improvement retailer Lowe’s has named the CEO of department-store chain J.C. Penney as its new boss.
Marvin R. Ellison has resigned as CEO of J.C. Penney to become the new CEO of Lowe’s.
The former Home Depot U.S. store executive succeeds Robert Niblock, who announced his retirement in March after 13 years at the helm of Lowe’s.
Ellison, who has been guiding J.C. Penney through a turbulent period, will now help Lowe’s try to catch up with archrival Home Depot.
“Attracting Marvin is a great win for the entire Lowe’s team,” Lowe’s lead director Marshall O. Larsen said in a statement. “Marvin is an experienced retail CEO with extensive expertise in a complex omni-channel 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.”