J.C. Penney Names Marvin Ellison President, CEO-Designee

JCPenney has appointed Marvin Ellison as its new CEO, with a transition period lasting until August next year. Ellison, previously an executive at Home Depot, will bring his retail experience to JCPenney. The current CEO, Myron Ullman, will become executive chairman for a year. This change follows a series of leadership shifts, including Ron Johnson's tenure, which introduced unsuccessful changes. The company aims to ensure a smooth transition with a long lead time to avoid past mistakes.

When is Marvin Ellison scheduled to officially start as CEO of JCPenney?

What role will Ullman take after stepping down as CEO?