By Emma Haddad
Sources: 247wallst.com, forbes.com, businessweek.com
Mike Ullman, the 9th CEO JCPenney, has recently announced that he will be stepping down. Although JCPenney has been deteriorating for the last decade due to it’s trend savvy competition including, Lord and Taylor, Nordstroms, and Bloomingdales, Ullman has played a major role in rescuing the department store from a much earlier demise. Ullman was able to bring fresh ideas into the store by adding contemporary brands such as Liz Claiborne and Sephora. At the time, Ullman was the store’s answer, but shortly after the recession, the market dipped making it nearly impossible to bring its “Middle America” cliental into the store. In another attempt to save the department store from circling the drain, Ron Johnson, the creator of Apple’s Genius Bar, was brought in to work alongside Ullman. However, none of these strategies have seemed to work for the company as the numbers continue to rise and fall erratically.
As Ullman’s announcement continues to circulate in the industry, word of who his successor will be has been confirmed. Marvin Ellison, current executive vice president of Home Depot, has been selected to replace Ullman. With 30 years of prior retail experience at various locations, including Target, it is safe to say that Ellison has more than enough experience within the business. Ellison may be the fresh take JCPenney needs in order to reverse the turbulent path the store has been on throughout the last decade.