The Board of Directors of J. C. Penney Company, Inc. (NYSE:JCP) has appointed Chief Executive Officer Marvin R. Ellison to the additional position of Chairman, effective August 1, 2016. Mr. Ellison succeeds Myron E. (Mike) Ullman, III who will be retiring in accordance with the transition plan that the Company outlined in 2014.
Mr. Ellison said, "It is an honor to succeed Mike as the next Chairman of JCPenney. 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 JCPenney. I look forward to continuing to work with our talented board and management team as we continue to take the steps necessary to drive the resurgence of JCPenney."
Mr. Ellison, 51, has been Chief Executive Officer of J. C. Penney Company, Inc. since August 1, 2015. He served as President and CEO-Designee of J. C. Penney from November 1, 2014 through July 2015.
The J. C. Penney Company (doing business as JCPenney, JCP, and formerly as Penney's) is a chain of American mid-range department stores based in Plano, Texas.
The company operates 1,060 department stores in 49 U.S. states (JCPenney once operated in Hawaii) and Puerto Rico, and previously operated a catalog business and several discount outlets. In addition to selling conventional merchandise, JCPenney stores often house several leased departments such as Sephora, Seattle's Best Coffee, salons, optical centers, portrait studios, and jewelry repair.