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J.C. Penney CEO resigns to become Lowe's leader

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J.C. Penney Co. Inc. CEO Marvin Ellison is resigning after nearly three years.

Ellison accepted a new job as president and CEO of Lowe's, effective June 2.

The J.C. Penney board elected lead independent director Ron Tyson to serve as chairman and form a search committee to find the company's next CEO.

Read more from the Dallas Business Journal.

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