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Lowe’s taps J.C. Penney chief executive as new CEO

By Joe Williams
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Lowe’s taps J.C. Penney chief executive as new CEO

Lowe’s Companies, Inc. on Tuesday announced current J.C. Penney Co.’s Chief Executive Officer Marvin Ellison as its new CEO.

The leadership shakeup comes after J.C. Penney last week reported a 4.3 percent decrease in net sales to $2.58 billion for the quarter that ended on May 5. Lowe’s recently posted a 1.8 percent decrease in net sales for its quarter that ended on Feb. 2. Net earnings for the home improvement chain were down 16.4 percent in the same period.

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