Marvin Ellison resigned his post as chairman and CEO of J.C. Penney Co. Ellison, who vacated the post of chairman when he stepped down on Tuesday, will relinquish his CEO post on June 1. He is leaving to join Lowe’s Companies.
The department store’s board of directors elected Ronald W. Tysoe, the current lead independent director, as chairman. The company said CEO duties will be carried out by a group comprised of chief financial officer Jeff Davis, chief customer officer Joe McFarland, chief information officer and chief digital officer Therace Risch, and executive vice president of supply chain Mike Ribbons. Penny’s has formed a search committee to find its next CEO.
Ellison joined the company in November 2014, after serving as executive vice president of stores at Home Depot.
Macy’s Inc. appointed Paula A. Price as chief financial officer, effective July 9. Price will be responsible for leading the company’s finance, accounting, investor relations and internal audit functions. She will report to Jeff Gennette, Macy’s chairman and CEO, and will be based in New York.
Price will succeed Karen Hoguet who plans to retire at the end of the 2018 fiscal year. Hoguet will remain with Macy’s in an advisory role to support the company during a transition period until Feb. 2, 2019.
Price joins Macy’s with 30 years of finance experience, primarily in retail and consumer-facing businesses. She is currently a full-time senior lecturer in the accounting and management unit at Harvard Business School, a role she has held since 2014. In her most recent corporate role, she was executive vice president and chief financial officer of Ahold USA.
International Council of Shopping Centers
The International Council of Shopping Centers’ board of trustees elected Valerie Richardson to serve as the organization’s chairman and Daniel Hurwitz as vice chairman for the 2018-2019 term. Richardson, vice president of real estate for The Container Store, is the first ICSC chairman from an active retailer. She succeeds Kenneth F. Bernstein of Acadia Realty Trust as ICSC’s 59th chairman.
At The Container Store, Richardson is responsible for site evaluation and lease negotiation, as well as store design coordination and construction for the chain’s nationwide store expansion program. Prior to joining The Container Store in 2000, Richardson was senior vice president of real estate and Development for Ann Taylor Inc.
Hurwitz is founder and CEO of Raider Hill Advisors, providing strategic, executive and operational oversight for the portfolio companies owned by Raider Hill’s clients, as well as acquisition and retail advisory services for all investment activity.
Tapestry Inc. announced the resignation of Stuart Weitzman creative director Giovanni Morelli. The company said it commenced a search for a new creative leader.
Victor Luis, chief executive officer of Tapestry, said, “While we greatly admire Giovanni’s creative talents, Tapestry is committed to an environment where every individual feels respected and at times his behavior fell short of these standards.”
New York-based Tapestry’s brand portfolio includes Coach, Kate Spade and Stuart Weitzman.
Wolverine World Wide Inc. appointed Anne Cavassa as president of its Saucony division. As president, Cavassa will work to further elevate Saucony’s position as a performance running and lifestyle brand. In her new role, Cavassa will be on the senior leadership team at Wolverine Worldwide and report directly to Richie Woodworth, president of the Wolverine Boston Group.
Cavassa comes to Saucony with more than 20 years of experience in global brand building and innovative product marketing. Most recently, she was chief customer experience officer and senior vice president of marketing and apparel for the Brooks Running Company. Cavassa has also held leadership roles with The Timberland Company, Nike Inc., Ibex Outdoor Clothing, Eastern Mountain Sports and Reebok International.