JC Penney names Marvin Ellison president and CEO-designee

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.)

Signage outside a JC Penney store in New York City.
Scott Mlyn | CNBC
Signage outside a JC Penney store in New York City.

Ellison is executive vice president of stores at Home Depot. He had also served for 15 years in various positions at Target.

In April 2013, Ullman succeeded Ron Johnson, whose reign saw share prices plunge more than 50 percent. After nine-straight quarters of declines, same-store sales have turned positive for the last three quarters, although Penney warned last week that same-store sales growth this quarter would be less than forecast.

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