J.C. Penney: Marvin Ellison
Why this is a Big Quit:
J.C. Penney loses its sixth CEO since 2000 to become CEO of home improvement retailer Lowe’s. Marvin Ellison apologized to employees via video announcing his resignation, citing the progress that has been made in the last years. Ellison was credited with improving the 116-year old organization operations and reducing debt.
Why this is not as big as the Top 10:
Ellison made progress improving J.C. Penney’s balance sheet in his short tenure. However, J.C. Penney struggles to grow their customer base and e-commerce business in retail’s tidal shift. Despite Ellison’s efforts, stock market value declined by a third during his brief tenure.
While the heartfelt exit video was touching, Ellison didn’t fully deliver on the turnaround, which is why he did not qualify for this year’s top 10 quitters list.