Former Home Depot exec to lead Lowe’s
A former Home Depot executive will soon be running the show at Lowe's. The Mooresville, N.C.-based home improvement giant on Tuesday named Marvin R. Ellison as president and CEO, effective July 2.
Ellison will succeed Robert A. Niblock, who previously announced his intention to retire. Ellison is chairman and CEO of JC.Penney, where he has been working to turnaround the chain to mixed results.
Ellison joined Penney in 2014 as president and CEO-designee, taking the top role in 2015. Prior to Penney, Ellison spent more than 12 years at The Home Depot, where he served as executive VP of U.S. stores from 2008 to 2014 and was responsible for sales, profit and overall operations for 2,000 stores and $65 billion in annual sales volume. Before the Home Depot, Ellison spent 15 years at Target Corp. in a variety of operational roles.
He will step down as chairman of Penney effective immediately, and step down as CEO on June 1.
In a statement, Ellison said: “I am thrilled to take on the role as Lowe’s next president and CEO. Working closely with Lowe’s board, management team and the more than 310,000 talented employees, I believe we will not just compete, but win in today’s complex retail environment. Together, we will leverage Lowe’s omni-channel capabilities to deliver the most simple and seamless customer experiences as we execute with purpose and put the customer first in everything we do.”
At Lowe's, Ellison steps back into a key role in the industry's largest retail rivalry. In terms of U.S. comparable store sales, Lowe's has consistently trailed its rival Home Depot in recent years. The last quarterly head-to-head advantage for Lowe's occurred in the first quarter of 2016 -- a 7.5% gain for Lowe's, compared to Depot's 7.4% gain.
Meanwhile, Lowe's executives in recent years have consistently hammered on the theme of transforming the mindset of the company from a big box retailer to an omni-channel improvement company.
Ellison brings a strong business resume to his new post. He is currently a director of FedEx Corporation, the Retail Industry Leaders Association (RILA) and the National Retail Federation. Ellison was named to Fortune’s “World’s Greatest Leaders in 2016” and recognized as the “2016 Corporate Executive of the Year” by Black Enterprise. Ellison holds a BBA degree in marketing from the University of Memphis and a MBA from Emory University.
"Attracting Marvin is a great win for the entire Lowe's team,” said Marshall O. Larsen, lead director of the Lowe’s board. “Marvin is an experienced retail CEO with extensive expertise in a complex omni-channel consumer-facing company. He also brings significant experience in the home improvement industry, with a proven track record of global operational excellence and driving results from both DIY and Pro customers. Marvin joins Lowe's at a critical inflection point as we work to enhance our competitive position and capitalize on solid project demand in an evolving consumer environment."
Ellison will succeed Robert A. Niblock, who previously announced his intention to retire. Ellison is chairman and CEO of JC.Penney, where he has been working to turnaround the chain to mixed results.
Ellison joined Penney in 2014 as president and CEO-designee, taking the top role in 2015. Prior to Penney, Ellison spent more than 12 years at The Home Depot, where he served as executive VP of U.S. stores from 2008 to 2014 and was responsible for sales, profit and overall operations for 2,000 stores and $65 billion in annual sales volume. Before the Home Depot, Ellison spent 15 years at Target Corp. in a variety of operational roles.
He will step down as chairman of Penney effective immediately, and step down as CEO on June 1.
In a statement, Ellison said: “I am thrilled to take on the role as Lowe’s next president and CEO. Working closely with Lowe’s board, management team and the more than 310,000 talented employees, I believe we will not just compete, but win in today’s complex retail environment. Together, we will leverage Lowe’s omni-channel capabilities to deliver the most simple and seamless customer experiences as we execute with purpose and put the customer first in everything we do.”
At Lowe's, Ellison steps back into a key role in the industry's largest retail rivalry. In terms of U.S. comparable store sales, Lowe's has consistently trailed its rival Home Depot in recent years. The last quarterly head-to-head advantage for Lowe's occurred in the first quarter of 2016 -- a 7.5% gain for Lowe's, compared to Depot's 7.4% gain.
Meanwhile, Lowe's executives in recent years have consistently hammered on the theme of transforming the mindset of the company from a big box retailer to an omni-channel improvement company.
Ellison brings a strong business resume to his new post. He is currently a director of FedEx Corporation, the Retail Industry Leaders Association (RILA) and the National Retail Federation. Ellison was named to Fortune’s “World’s Greatest Leaders in 2016” and recognized as the “2016 Corporate Executive of the Year” by Black Enterprise. Ellison holds a BBA degree in marketing from the University of Memphis and a MBA from Emory University.
"Attracting Marvin is a great win for the entire Lowe's team,” said Marshall O. Larsen, lead director of the Lowe’s board. “Marvin is an experienced retail CEO with extensive expertise in a complex omni-channel consumer-facing company. He also brings significant experience in the home improvement industry, with a proven track record of global operational excellence and driving results from both DIY and Pro customers. Marvin joins Lowe's at a critical inflection point as we work to enhance our competitive position and capitalize on solid project demand in an evolving consumer environment."