While Ellison will remain a director and CEO through June 1, he will step down from his position as chairman of the board effective immediately. The board of directors has elected current Lead Independent Director Ronald W. Tysoe as Chairman of the Board and has created an Office of the CEO, which will be comprised of Chief Financial Officer Jeff Davis, Chief Customer Officer Joe McFarland, Chief Information Officer and Chief Digital Officer Therace Risch and Executive Vice President of Supply Chain Mike Robbins. These four leaders will share equal responsibility for the Company's day-to-day operations until a new CEO is appointed. A search committee has been formed to conduct a search for a chief executive officer at JCPenney.
Lowe's names Marvin Ellison as President and CEO effective July 2, 2018
- Ellison succeeds Robert A. Niblock, who previously announced his intention to retire.
- The Lowe's board has also appointed Richard W. Dreiling, a director of Lowe's since 2012, as chairman, effective July 2, 2018.
- Ellison currently serves as chairman and CEO of J. C. Penney Company, Inc., where he implemented a turnaround strategy.
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