JC Penney Plucks Home Depot Exec As New CEO — forbes.com

Might a change at the top spark a much-needed change in performance? That’s what JC Penney is hoping. The struggling retailer announced Monday morning that it has appointed Home Depot exec Marvin Ellison as its new president and CEO, while current CEO Mike Ullman will move to an executive position on JC Penney’s board. Investors are cheering the news, sending shares of JC Penney into positive territory in early Monday trading.

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