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Lowe's names J.C. Penney's Marvin Ellison as CEO, president

Lowe's Cos. Inc. said May 22 that it has appointed J.C. Penney Co. Inc. CEO and Chairman Marvin Ellison as president and CEO of the home improvement retailer, effective July 2.

Ellison will succeed Robert Niblock at Lowe's. Niblock announced in March his decision to retire from the retailer, saying "the time was right to transition the company to its next generation of leadership," according to a company spokesperson.

Ellison, who is currently serving as chairman and CEO of J.C. Penney, will resign immediately from his role as chairman of J.C. Penney but will remain as CEO and director until June 1, the department store chain said in a separate statement May 22.

J.C. Penney appointed Ronald Tysoe, lead independent director, as chairman. The company also said it has created an Office of the CEO, a group that will share CEO responsibilities until someone is appointed. The office will comprise CFO Jeff Davis, Chief Customer Officer Joe McFarland, Chief Information Officer and Digital Officer Therace Risch, and Mike Robbins, executive vice president of supply chain.

Meanwhile, Richard Dreiling will become chairman at Lowe's, starting July 2. He has served as director in the company since 2012.