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J.C. Penney taps Home Depot executive as CEO, big challenges ahead
J.C. Penney taps Home Depot executive as CEO, big challenges ahead

(Reuters) - J.C. Penney Co Inc named Home Depot Inc executive Marvin Ellison as its new chief on Monday, ending an 18-month search but barely allaying investor concerns over problems facing the money-losing department store chain. Ellison, 49, an industry veteran credited with reviving Home Depot's U.S. business, will join J.C. Penney as a board member in November, and succeed Myron Ullman, 67, as chief executive in August 2015. Analysts generally gave Ellison high marks, pointing to his track record as an executive vice president at Home Depot where he oversaw some 2,000 U.S. stores. His tenure included a strong growth period starting in 2010. Prior to joining Home Depot in 2002,...

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