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J. C. Penney CEO Marvin R. Ellison named chairman

Marvin R. EllisonJ. C. Penney Company has appointed chief executive officer Marvin R. Ellison to the additional position of chairman from August 1, 2016.

Mr. Ellison has been Chief Executive Officer of J. C. Penney Company since August 1, 2015. He served as President and CEO-Designee of J. C. Penney from November 1, 2014 through July 2015. From August 2008 through October 2014, he served as Executive Vice President - U.S. Stores of The Home Depot.

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From June 2002 to August 2008, Mr. Ellison served in a variety of operational roles at The Home Depot, including as President - Northern Division and as Senior Vice President - Global Logistics.

Prior to joining The Home Depot, he spent 15 years at Target Corporation in a variety of assets protection and operational roles. He serves on the board of directors of FedEx.

Mr. Ellison succeeds Myron E. Ullman, III who will be retiring in accordance with the transition plan that the Company outlined in 2014.

Mr. Ullman has rejoined the company as chief executive officer in 2013. He has also been elected to the Board of Directors. He is a veteran retail industry executive with more than 25 years of experience who has served in leadership roles at several of the world's best-known retail companies.

Prior to spending seven years leading jcpenney as Chairman and CEO, Mr. Ullman served as Directeur General of LVMH Moët Hennessy Louis Vuitton, in Paris; Chairman and Chief Executive Officer of DFS Group Limited; and Chairman and Chief Executive Officer of R.H. Macy & Co., Inc.

Mr. Ullman's prior retail experience also includes leading Wharf Holdings Ltd. in Hong Kong and posts at Federated Department Stores earlier in his career.

In addition, he previously served as a White House Fellow in the Reagan Administration, Vice President of Business Affairs at the University of Cincinnati, and as an International Account Manager for IBM Corporation.

Mr. Ullman currently serves on the boards of directors of Starbucks Corporation, Saks Incorporated, and the COFRA Group, and as Deputy Chairman of the Federal Reserve Bank of Dallas. He is an advisor to the board of directors of the Retail Industry Leaders Association and is a past Chairman of the National Retail Federation.

Mr. Ullman previously served as a director of Ralph Lauren Corporation; Taubman Centers, Inc.; LVMH Moët Hennessy Louis Vuitton; Federated Department Stores; and Segway, LLC.


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