J.C. Penney finally names a CEO after a year-long search as the company announced on Monday that Home Depot executive Marvin Ellison will take over the job.
JCP shares are up 2.8% in afternoon trading to $7.32 a share, according to USA Today.
Ellison is currently the executive vice president of stores at Home Depot. He will now become president and CEO-designee of J.C. Penney as of Nov. 1. He will officially become CEO next August, according to the report.
In a release, J.C. Penney Chairman Thomas Engibous called Ellison "the right CEO to lead the next stage of J.C. Penney's growth."
"He brings to the role, among other assets, an extensive knowledge of store operations and supply chain management as well as a demonstrated ability to successfully run large retail organizations," Engibous said.
Ellison takes over from interim CEO Mike Ullman, the company's former chief executive who agreed to come out of retirement to help the company rebuild itself after CEO Ron Johnson was ousted in April 2013.
Jason Hanold, CEO of Hanold Associates, which is an executive search firm, told USA Today that the 49-year-old Ellison's leadership skill swill help J.C. Penney out.
"He's coming from an organization that simply has world class management," Hanold said. "If a disciplined leader is instilling management discipline through an organization, that can often translate into better customer experience."
Ellison will be taken over for interim CEO Mike Ullman, who was the company's former chief executive that agreed to come out of retirement to help the company rebuild itself. Former CEO Ron Johnson was ousted in April 2013.
