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J.C. Penney names Home Depot executive to succeed CEO Ullman

[October 13, 2014]  (Reuters) - J.C. Penney Co Inc said Marvin Ellison, Home Depot Inc's head of U.S. stores, would replace Myron Ullman as chief executive in August 2015.

The department store operator's shares were up 6 percent in premarket trading.

Ullman, who was CEO from 2004 to 2011, was brought back as interim CEO in April last year to stem a sales hemorrhage blamed on former CEO Ron Johnson.

J.C. Penney said Ellison would join on Nov. 1 as president and CEO-designee. Ullman will remain with the company as executive chairman for one year after Ellison takes over as CEO on Aug. 1.

(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Savio D'Souza)

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