Apparel retailer JCPenney Chairman and CEO Marvin R. Ellison is all set to leave the company which has been struggling to reverse its decline.
Ellison who immediately stepped down from his position as chairman of the board would continue to serve the company as CEO till May 31. He has resigned from the post to pursue another opportunity with Lowe’s Companies, Inc effective July 2, 2018.
Current Lead Independent Director Ronald W. Tysoe has been named as his successor to the role of Chairman of the Board.
Tysoe thanked Marvin, an industry veteran who made significant contribution to JCPenney during his tenure with the company. Making company’s financial position strong is a major contribution of Marvin who started his association with the company in 2014 and became CEO the following year.
He renewed and enhanced its revolving credit facility.
Till the appointment of new CEO, a group of four high officials have been collectively made responsible to take care of day-to-day operations of the company.
A search is underway to look for a new CEO of the company.
The outgoing CEO is also credited for making a strong leadership team that will continue to benefit Company in order to make them remain focused on its customer and improving results. The company thanked him for his leadership and dedication.
On the otherhand, Ellison also thanked JCPenney team for their loyalty and hard work over the years. He felt himself honoured to lead the Company as Chairman and CEO, and working alongside some of the most talented professionals in retail.” said Ellison.
