MARVIN ELLISON GAINS CHAIRMAN TITLE AT JCPENNEY

The Board of Directors of J. C. Penney Company, Inc. has appointed CEO Marvin R. Ellison to the additional position of Chairman, effective August 1. Ellison succeeds Myron E. (Mike) Ullman, III who will be retiring in accordance with the transition plan that the company outlined in 2014.

Ellison, 51, has been JCPenney’s CEO since August 1, 2015. Prior to becoming CEO, he served as president and CEO-Designee of J. C. Penney from November 1, 2014 through July 2015. He also serves on the board of directors for FedEx.

“I am delighted that the board has appointed Marvin as Chairman,” said Ullman. “Over the past year and a half, he has proven himself to be the right leader for our company, as we have made significant progress in implementing the changes needed to rebuild JCPenney into a successful, modern retailer with a profitable and sustainable business. It’s been a privilege to work closely with Marvin, and I am pleased to know that this company is in good hands for the future.”

Ellison added, “It is an honor to succeed Mike as the next Chairman of JCPenney. Mike has demonstrated great leadership, twice as CEO, and for the past year as our Executive Chairman. For someone who started his retail career as a $4.35 per hour store security officer, it is a blessing and an honor to be named Chairman of JCPenney. I look forward to continuing to work with our talented board and management team as we continue to take the steps necessary to drive the resurgence of JCPenney.”

Longtime retail executive Ronald W. Tysoe, who has served on the board since 2013, will continue as the company’s Lead Independent Director.