UPDATE 3-J.C. Penney CEO Ellison jumps ship to Lowe's; shares sink [Reuters]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: Reuters
J.C. Penney CEO Ellison jumps ship to Lowe's | Reuters 3 Min Read (Reuters) - J.C. Penney’s ( JCP.N ) Chief Executive Officer Marvin Ellison is leaving the struggling retailer to join home improvement chain Lowe’s Cos Inc ( LOW.N ), the companies said on Tuesday, sending shares in the U.S. department store chain down 4 percent. Ellison came to Penney in 2014 with a strong reputation honed through 12 years at Lowe’s biggest competitor, Home Depot Inc ( HD.N ), and shares in Lowe’s gained as much as 3 percent on the news of his appointment before retreating. The 52-year-old will take over on July 2. At J.C. Penney, Ellison was tasked with stemming a two-year long sales decline as the company struggles to stay relevant in a brutal U.S. retail landscape, where customers are increasingly turning to online shopping. The chain has been among the hardest hit by a collapse in mall traffic, leading to the closure of thousands of U.S. stores in the past five years. JCP’s market value dwind
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