Marvin R. Ellison

Lowe’s Companies Inc. has named Marvin R. Ellison, a retail veteran with more than 30 years of industry experience, as its new president and CEO.

Ellison will join the Mooresville-based, home-improvement company effective July 2. He also will be named to the company’s board of directors.

Ellison currently serves as chairman and CEO of J.C. Penney Company, Inc., where he has led an effort to revive the former retail giant. He also spent 12 years in senior-level operation at The Home Depot Inc., where he held the title of executive vice president of U.S. stores.

At Lowe’s, Ellison will not hold the position of chairman. The company announced that current board member Richard W. Dreiling will assume that position.

In a statement release by Lowe’s, Ellison said, “I am thrilled to take on the role as Lowe’s next president and CEO. Working closely with Lowe’s board, management team and the more than 310,000 talented employees, I believe we will not just compete, but win in today’s complex retail environment.”