Jc Penney Ceo Ellison Jumps Ship To Lowes


– J.C. Penney’s (JCP.N) Chief Executive Officer Marvin Ellison is leaving the struggling retailer to join home improvement chain Lowe’s Cos Inc (LOW.N), the companies said on Tuesday, sending shares in the U.S. department store chain down 4 percent.

Ellison came to Penney in 2014 with a strong reputation honed through 12 years at Lowe’s biggest competitor, Home Depot Inc (HD.N), and shares in Lowe’s gained as much as 3 percent on the news of his appointment before retreating.

The 52-year-old will take over on July 2.

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