JCPenney CEO Marvin Ellison Says See Ya! Heads to Lowe’s for Top Job (VIDEO)

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*Hey, a corporation’s gotta do what a corporation’s gotta do. And in the case of Lowe’s Companies, they’re straight up poaching JCPenney Company Chairman & CEO Marvin R. Ellison.

Yep. Simple as that. On Tuesday, the home improvement retailer announced it is naming Ellison president and CEO, effective July 2. Ellison will take over for Robert A. Niblock, who previously announced his intention to retire.

Here’s more from CNBC:

Lowe’s, under pressure from activist investor D.E. Shaw & Co, announced in March its CEO was stepping down.

Ellison is chairman and CEO of CPenney, which he has attempted to steer through a turnaround. Prior to J.C. Penney, Ellison worked more than 12 years at Lowe’s rival Home Depot, including serving as executive vice president of U.S. stores.

Shares of JCPenney were down nearly 3 percent, while shares of Lowe’s were up 1.69 percent in early morning trading.

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“The turnaround program that Ellison put in place at JCPenney 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,” said Neil Saunders, managing director of GlobalData Retail

“Indeed, exiting before his plan is complete is a tacit admission that he may not be able to deliver what investors are looking for.”

A spokesperson for JCPenney told CNBC that it was just informed by Ellison a couple days ago of the move, and it was not aware when it last reported earnings. It currently has four executives filling in to run day-to-day decisions and is looking for both internal and external candidates.

If you’re wondering, before heading up JCPenney, Ellison worked more than 12 years at Lowe’s rival Home Depot, including serving as executive vice president of U.S. stores.

Get MORE of this story at CNBC.

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