J.C. Penney names president, CEO designee

J.C. Penney Co. Inc. announced Monday it named Marvin Ellison, Home Depot's head of U.S. stores, as president and CEO designee, effective Nov. 1.

Ellison will succeed current CEO Mike Ullman as CEO of the retailer on Aug. 1, 2015, when Ullman will serve as executive chairman for one year, according to Fox Business.

"I am honored by this appointment and excited about  the opportunity to help lead the continued resurgence of J.C. Penney. This  company has been an important part of the American retail landscape for over 100 years,” Ellison said in a statement Monday.

Read more from Fox Business.