Passing of the baton at J.C. Penney

Photo:Myron E. (Mike) Ullman



Some three years after he returned to save J.C. Penney, industry veteran Myron E. (Mike) Ullman will retire from the company on Aug. 1.



Ullman is passing the reins of chairman of Penney’s board of directors to current CEO Marvin R. Ellison. The succession is in accordance with a transition plan the company outlined in 2014.



"I am delighted that the board has appointed Marvin as chairman,” Ullman said. “Over the past year and a half, he has proven himself to be the right leader for our company, as we have made significant progress in implementing the changes needed to rebuild J.C. Penney into a successful, modern retailer with a profitable and sustainable business. It's been a privilege to work closely with Marvin, and I am pleased to know that this company is in good hands for the future."



Ullman first led Penney from December 2004 to November 2011. He was succeeded by Ron Johnson, whose attempt to reinvent Penney resulted in a $985 million drop in profit during his tenure (from November 2011 to April 2013). Ullman returned as CEO to lead a turnaround effort.



"It is an honor to succeed Mike as the next Chairman of J.C. Penney,” said Ellison. “Mike has demonstrated great leadership, twice as CEO, and for the past year as our executive chairman. For someone who started his retail career as a $4.35 per hour store security officer, it is a blessing and an honor to be named chairman of J.C. Penney?



Ellison, 51, has been CEO of Penney since August 1, 2015, and served as president and CEO-designee of the retailer from November 1, 2014 through July 2015.



From August 2008 through October 2014, he served as executive VP - U.S. stores of The Home Depot. From June 2002 to August 2008, he served in a variety of operational roles at The Home Depot. Prior to joining The Home Ellison spent 15 years at Target.