Mr. Ellison will replace outgoing Lowe’s CEO Robert Niblock, who previously announced his plan to retire. Before joining J.C. Penney, Mr. Ellison was Home Depot’s executive vice president of U.S. stores.
“The turnaround program that [Mr.] Ellison put in place at J.C. Penney has partly delivered but is still far from complete. There is now a question mark over how this plan will proceed, and indeed, whether J.C. Penney will remain on the same trajectory,” Neil Saunders, managing director of GlobalData Retail, told CNBC.
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