Marvin Ellison delivered. In his first year as the CEO of JC Penney he has achieved enough positive growth measures to give credence to his three-year turnaround plan. Formerly EVP of stores at Home Depot, Ellison was brought in by CEO Mike Ullman in late 2014 as President and CEO-Designee, (to replace Ullman as CEO in August of 2015). Ellison’s charge was to put JC Penney back on a growth trajectory. Ullman, who had been called back as CEO in April of 2013 to save JC Penney from plummeting to its death, had stabilized the business enough to provide a runway for take-off. And Ellison will soon declare, “wheels up.”
The 2015 year-end numbers support the fact that his commitment to returning to growth is gaining speed. And it’s an even greater accomplishment in an industry that is in total upheaval, and an economy that’s stagnant. It’s also impressive in contrast to the weak numbers coming out of Macy’s, Kohl’s, Dillard’s, the Gap, and the disaster called Sears, which isn’t even worth mentioning. In fact, since the world isn’t creating enough demand to consume the glut of supply, it’s logical to assume that JC Penney’s growth came from stealing competitors’ share of wallet. Read more at The Robin Report.