|JCPenney Announces Resignation of Chairman and CEO Marvin Ellison|
Lead Independent Director Ron Tysoe elected Chairman of the Board
Senior leaders to collectively serve as Office of the CEO
"I want to thank Marvin for his many significant contributions to JCPenney over the past three years. During his tenure, the Company retired $1.4 billion in debt, renewed and enhanced its revolving credit facility and has significantly strengthened the Company's financial position," said Tysoe. "Additionally, he assembled a strong leadership team that will continue to serve the Company in an elevated capacity to ensure the entire organization remains focused on our customer and improving results. We thank Marvin for his leadership and dedication, and wish him much success in his next endeavor."
"It has been a tremendous honor leading the Company as Chairman and CEO, and working alongside some of the most talented professionals in retail," said Ellison. "I want to personally thank the entire JCPenney team for their loyalty and hard work over the years. Their warrior spirit is unmatched, and I have the utmost confidence that JCPenney has the talent and expertise to achieve sustainable, long-term growth."
About Ron Tysoe
For JCPenney executive bios and headshots, please visit jcpnewsroom.com/about-leadership.html.
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