Marvin Ellison, a native of Brownsville, is the new chief executive officer of Lowe’s after leaving a similar position at JC Penney.

Ellison’s rise on the corporate ladder began after he earned a a business administration degree in marketing from the University of Memphis, and a Master of Business Administration from Emory University in Atlanta.

He worked for the chief competitor of Lowe’s – The Home Depot – for 12 years before taking the reins at JC Penney.

Shortly before the markets closed, Lowe’s (NYSE: LOW) stock was trading at $85.93, down $1.46, and
JC Penney stock (NYSE: JCP) was down .17 at $2.32.

Lowes operates 2390 stores and employs 200,000 full time workers. The chain was founded in 1946 and is headquartered in Mooresville, South Carolina.

Financial filings at JC Penney reported Ellison’s annual salary at nearly $2 million.

He had also earned thousands of JC Penney shares of stock via additional compensation.

With nearly 30 years of experience in retail, he served as The Home Depot’s executive vice president of U.S. stores, and he has been the senior-most operations leader for Home Depot’s approximately 2,000 stores.

He was also president of The Home Depot’s Northern Division, where he was responsible for sales and operations of more than 700 stores in 21 states and led a team of more than 150,000 associates.

Before his employment at The Home Depot, Ellison worked 12 years for Target.

(PHOTO: Marvin Ellison)
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