J. C. Penney Company, Inc. appointed Marvin Ellison, currently executive
vice president of stores at Home Depot, as president and CEO-Designee,
effective Nov. 1, 2014. Ellison will also join the board of directors.
He will then succeed Myron E. (Mike) Ullman, III as CEO of JC Penney on
Aug. 1, 2015.

At that time, Ullman will become executive
chairman of the board for a period of one year. Prior to his 12-year
tenure at Home Depot, Ellison served for 15 years in various positions
at Target.

Thomas J. Engibous, chairman of JC Penney’s Board of
Directors, said, “The Board has completed its search for the right CEO
to lead the next stage of JC Penney’s growth. We are delighted to have
found that person in Marvin Ellison, a highly accomplished retail
executive with a history of delivering top and bottom line results at
major American retailers. He brings to the role, among other assets, an
extensive knowledge of store operations and supply chain management as
well as a demonstrated ability to successfully run large retail
organizations. In light of these attributes, we believe he is well
equipped to return the Company to profitable growth.

I would like
to express the Board’s deep gratitude to Mike Ullman for all he has
done, and will continue to do, for JC Penney. After agreeing to return
to the Company during the most difficult period in its history, he has
stabilized the business, improved performance across the board, and
placed the Company on a course for profitable growth. His dedicated
service has been invaluable to the Company, and we look forward to his
continued contributions as CEO during the transition and as Executive
Chairman thereafter.”

Ullman said, “It is a great pleasure to
welcome Marvin Ellison to JC Penney. Over the course of his career, he
has proven his ability to produce results by improving operations,
building customer loyalty, and motivating his teams. His experience and
leadership are exactly what we need to accelerate the progress we have
made over the last 18 months. I look forward to working closely with him
and the rest of our outstanding team in the coming months to ensure a
smooth transition and a successful future for JC Penney.”

Ellison
said, “I am honored by this appointment and excited about the
opportunity to help lead the continued resurgence of JC Penney. This
Company has been an important part of the American retail landscape for
over one hundred years. Today, it is moving in the right direction and
there is an extraordinary passion to win at every level of the
organization. As President and, ultimately, CEO, I will be focused on
positioning the Company to compete in a rapidly changing retail
environment for the benefit of our customers, shareholders, suppliers
and associates. I am confident that we have the customer proposition,
the brand, and the talent to make JC Penney successful over the long
term.”

About Marvin Ellison

Marvin Ellison, 49,
has nearly 30 years of experience in the retail industry. He has spent
the last 12 years at Home Depot. As executive vice president of U.S.
stores since August 2008, he has been the senior-most operations leader
for Home Depot’s approximately 2,000 stores. Prior to that, he was
president of the Northern Division, a role in which he had
responsibility for the sales and operations of more than 700 stores in
21 states and led a team of more than 150,000 associates. Previously, he
was senior vice president of global logistics, with oversight of all
domestic distribution, transportation, store and appliance delivery,
import distribution and international logistics throughout the United
States, Canada, Mexico, China and more than 35 other countries. Before
joining Home Depot, Ellison spent 15 years with Target in a variety of
operational roles, including Corporate Director of Asset Protection.

Ellison
serves on the board of directors of FedEx. He is actively involved in
philanthropic efforts including inner-city school renovations, as well
as mentoring programs aimed at developing inner-city youth. He earned a
business administration degree in marketing from the University of
Memphis and a Master of Business Administration from Emory University.