Marvin Ellison
| Marvin Ellison | |
|---|---|
| Born | |
| 🏫 Education | University of Memphis (BA) Emory University (MBA) |
| 💼 Occupation | |
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Marvin Ellison is an American business executive who serves as the President and Chief Executive Officer of Lowe's, joining the company on July 2, 2018.[1] He was previously the CEO of J. C. Penney, and had been since August 2015. He joined the company in November 2014 and served as CEO-designee and president before taking over the role of CEO.[2][3]
Career[edit]
Ellison was an executive at Home Depot, in charge of the company's U.S. stores, from 2002 until 2014 when he was hired by J. C. Penney.[3] He worked for Target Corporation from 1997 until 2002, mostly in the company's loss prevention department. Concurrently, he is an independent director of FedEx. He was previously an independent director of H&R Block.[4]
During his time at Home Depot, Ellison helped oversee the chain's turnaround.[2]
As CEO of J.C. Penney, Ellison helped the company make progress in recovering lost profitability and laid out a three-year plan, starting in 2017, for growing sales.[5]
Ellison was one of five African American CEOs on the 2016 Fortune 500 greatest leaders list, placing 19th.[6]
In February 2017, Ellison was part of a group of retail executives that met with Former President Donald Trump and legislators to discuss tax reform.[7] Following the meeting, Ellison stated that he believed a border adjustment tax, as it was proposed in a House bill, would make it difficult for J.C. Penney to be profitable and would also negatively impact U.S. consumers.[8]
On May 22, 2018, it was announced that Ellison would leave J.C. Penney and take over as CEO of Lowe's on July 2, replacing retiring CEO Robert Niblock,[9] who had been under pressure from large institutional investors for failing to increase Lowe's stock value to its stockholders.[citation needed]
Personal life[edit]
Ellison grew up in Brownsville, Tennessee, one of seven children. He grew up poor[citation needed], with his father working multiple jobs throughout his childhood[citation needed]. Ellison worked his way through college, an experience he said influenced his later corporate career[citation needed]. He is a lifelong musician, and growing up, his family performed as a gospel act.[2][10]
Ellison holds business administration degree in marketing from the University of Memphis and an MBA from Emory University.[4]
He and his wife, Sharyn, met while attending the University of Memphis. They have a son and a daughter.[2][10]
References[edit]
- ↑ "Lowe's names Marvin Ellison president and CEO". Lowe's Open House Newsroom. Retrieved 2018-07-12.
- ↑ 2.0 2.1 2.2 2.3 "The CEO Who's Reinventing J.C. Penney". Fortune. Retrieved 2017-01-12.
- ↑ 3.0 3.1 "JCPenney's New CEO Plans To Reuse His Home Depot Strategy". Consumerist. 2015-06-11. Retrieved 2017-01-12.
- ↑ 4.0 4.1 "jcp investors". ir.jcpenney.com. Archived from the original on 2017-03-27. Unknown parameter
|url-status=ignored (help) - ↑ Gustafson, Krystina (2017-02-24). "JCPenney shuttering up to 140 stores as sales weaken, more sluggish growth seen ahead". CNBC. Retrieved 2017-03-15.
- ↑ "Marvin Ellison". Fortune. 2016-03-24. Retrieved 2018-07-12.
- ↑ Halzack, Sarah. "Retail CEO says Trump meeting 'productive,' despite worries over border tax idea". chicagotribune.com. Retrieved 2017-03-15.
- ↑ Reagan, Court (2017-03-10). "JC Penney CEO Says Border Tax Would Make Profitability 'Virtually Impossible' in Short Run". CNBC. Retrieved 2017-03-15.
- ↑ Isidore, Chris (2018-05-22). "JCPenney CEO leaves for Lowe's". CNNMoney.
- ↑ 10.0 10.1 "Marvin Ellison's story is classic J.C. Penney | Retail | Dallas News". Dallas News. 2015-06-22. Retrieved 2017-01-12.
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