Local

Lowe's taps J.C. Penney chief as its new president and CEO

CHARLOTTE — Marvin Ellison, the current chairman and CEO of J.C. Penney Co. Inc., will be the new president and CEO of Mooresville-based Lowe’s Cos. Inc.

He replaces Robert Niblock, who’s leaving Lowe’s after activist board members were named to the company’s directors. Niblock announced in late March he’s retiring. Ellison will take the helm July 2.

Ellison is credited with improving the balance sheet at J.C. Penney, which, like many retailers, is struggling with online competition. He also spent 12 years at Home Depot Inc., which is the No. 1 U.S. home improvement retailer — and the chief rival of Lowe’s.

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