JC Penney taps Home Depot executive as CEO, big challenges ahead
Credit: Reuters/Jonathan Ernst
JC Penney Chairman and CEO Myron Ullman speaks during the meeting of the Wall Street Journal CEO Council in Washington November 16, 2010.
The department store operator's shares were up 6 percent in premarket trading.
Ullman, who was CEO from 2004 to 2011, was brought back as interim CEO in April last year to stem a sales hemorrhage blamed on former CEO Ron Johnson.
J.C. Penney said Ellison would join on Nov. 1 as president and CEO-designee. Ullman will remain with the company as executive chairman for one year after Ellison takes over as CEO on Aug. 1.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Savio D'Souza)
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