News

Lowe's taps J.C. Penney CEO to take helm

May 24, 2018

Marvin Ellison has resigned his CEO role at J.C. Penney to take the helm as Lowe's CEO.

He is replacing Robert Niblock who resigned earlier this year after 13 years in the CEO role for the home improvement retailer, according to a USA Today report.

"Attracting Marvin is a great win for the entire Lowe's team," said Marshall Larsen, Lowe's lead director in a statement, according to USA Today. "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."

Lowe's shareholders were happy with the news as shares jumped 1.8 percent. But J.C. Penney's shareholders were not thrilled when stock dipped 6.8 percent.