PLANO, TX—J. C. Penney Co. has concluded itsyear-long search for a new CEO, appointing MarvinEllison to take the reins of the department store chain in2015. Currently EVP of US stores at Home Depot,Ellison is generally credited with playing a key role in reversingdeclines in earnings at the home improvement retailer.

Ellison will join JCP Nov. 1 as president and CEO-designee.He'll succeed Myron E. Ullman, the interim CEO, nine months later,at which time Ullman will begin a one-year term as executivechairman. Ullman, who served as JCP's chief executive from 2004 to2011, came back on an interim basis in April 2013 after hissuccessor, Ron Johnson, lost the confidence of theretailer's board of directors.

Joining Home Depot in 2002 after 15 years with TargetCorp, Ellison assumed his current post there in 2008;since 2010, the retailer has reported double-digit annual gains inprofits. Ullman says that Ellison “has proven his ability toproduce results by improving operations, building customer loyaltyand motivating his teams. His experience and leadership are exactlywhat we need to accelerate the progress we have made over the past18 months.”