Well known home improvement retailer Lowe's Companies, Inc. (NYSE: LOW) has swiped J.C. Penney’s (NYSE: JCP) now former Chief Executive Officer to be their new CEO.
Marvin R. Ellison has stepped down from CEO of J.C. Penney to step up as Lowes newest CEO. He supersedes Lowes former executive Robert Niblock who announced retirement after his 13 years of leadership
Ellison, who has guided J.C. Penny through this tempestuous period, will now aim to avail Lowes to try and verge upon its biggest contender Home Depot (NYSE: HD).
“Attracting Marvin is a great win for the entire Lowes Team,” said lead director of Lowes Marshall O. Larsen said in a statement. “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.”