J.C. Penney has named a Home Depot executive as its next CEO.
The department store operator said Monday that Marvin Ellison, currently executive vice president of stores at Home Depot Inc., will become president in November and CEO next August.
J.C .Penney's shares rose in premarket trading on the news.
The 49-year-old Ellison will take over the CEO post from Mike Ullman, who came back to the Plano, Texas company's helm in April 2013 after former CEO Ron Johnson was ousted after only 17 months on the job.
Ullman, who had served as CEO for seven years before Johnson's tenure, worked to stabilize the business after Johnson's botched up transformation plan resulted in...