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JC Penny Gets A New CEO

Marvin Ellison, a veteran senior exec at Home Depot, has been named the new CEO for JCPenney.

“The department-store chain, struggling to emerge from $3 billion in losses in the past 3 1/2 years, today named Ellison its next president and chief executive officer. He’ll leave his job running Home Depot’s U.S. store operations to join J.C. Penney on Nov. 1 and take the reins from CEO Mike Ullman on Aug. 1, the Plano, Texas-based company said today in a statement,” Bloomberg reported. “At Home Depot, Ellison was responsible for trying to make the chain’s massive stores easier for customers to navigate after service deteriorated under former CEO Bob Nardelli. Ellison, 49, focused on simplifying tasks for workers to free up more time to assist customers. The strategy paid off as sales rebounded, helping the company’s stock almost triple in the past four years.”

Wall Street seemed pleased with the choice, as JCPenney stock jumped 5.3 percent shortly after the announcement was made.

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