J. C. Penney Elects Lead Independent Director Ron Tysoe As Its Chairman

(RTTNews) - J. C. Penney Company Inc. (JCP) said that Chairman and Chief Executive officer Marvin Ellison has notified the Company of his decision to resign from his role to pursue another opportunity with Lowe's Companies, Inc. J. C. Penney has elected current Lead Independent Director Ronald Tysoe as Chairman.

While Ellison will remain a director and Chief Executive officer through June 1, he will step down from his position as chairman of the board effective immediately.

The board of directors has elected current Lead Independent Director Ronald Tysoe as Chairman of the Board and has created an Office of the CEO, which will be comprised of Chief Financial Officer Jeff Davis, Chief Customer Officer Joe McFarland, Chief Information Officer and Chief Digital Officer Therace Risch and Executive Vice President of Supply Chain Mike Robbins. These four leaders will share equal responsibility for the Company's day-to-day operations until a new CEO is appointed.

A search committee has been formed to conduct a search for a chief executive officer at JCPenney.