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J.C. Penney CEO Marvin Ellison bolts for Lowe's

Marvin Ellison
Marvin Ellison at the White House before a meeting with President Trump. Photo: Andrew Harrer, Pool/Getty Images

Lowe's named J.C. Penney CEO Marvin Ellison as its new chief executive — effective July 2 — on Tuesday, reports CNBC. Ellison had previously worked for more than a decade at Home Depot, Lowe's main rival.

Why it matters: Fortune senior writer Phil Wahba tweeted that Ellison's move shows "he really has no more faith" in J.C. Penney's ability to rebound in a dwindling marketplace for traditional department stores. J.C. Penney's shares have sunk 4.21% in pre-market trading on the news.