Home Depot’s Ellison tapped for JCP CEO spot

Home Depot’s Marvin Ellison will leave the world’s largest home improvement retailer to take the top spot at Plano, Texas-based J.C. Penney. 

Ellison is currently executive VP stores at The Home Depot. 

"The board has completed its search for the right CEO to lead the next stage of J.C. Penney's growth," said Thomas J. Engibous, chairman of J.C. Penney's board of directors, in a statement. He called Ellison "a highly accomplished retail executive with a history of delivering top- and bottom-line results at major American retailers."

Ellison will join J.C. Penney as CEO designee Nov. 1. The succession plan calls for him to take over the CEO spot from Mike Ullman on Aug. 1, 2015.

At Home Depot since 2008, Ellison was responsible for the operations of all the Home Depot stores in the United States, Guam, Puerto Rico and the U.S. Virgin Islands. Prior to that, Ellison had been serving as president of the company’s Northern Division since January 2006.

In June, presenting to the Oppenheimer Consumer Conference, Ellison promoted the virtues of connectivity through customer service and technology.