J.C. Penney on Monday appointed Marvin Ellison president and CEO-designee, effective Nov. 1. He will also join the retailer's board of directors.
Ellison will succeed Mike Ullman as CEO on Aug. 1, 2015, when Ullman will become executive chairman of the board for one year.
Shares of J.C. Penney moved higher in premarket trading following the announcement. (Get the latest quote here.)