J.C. Penney's New CEO Readies for its Next Challenge

A new chapter has begun at J.C. Penney. Marvin Ellison officially took over the reins from Myron "Mike" Ullman on Saturday, becoming the beleaguered retailer's third CEO in four years. J.C. Penney designed the transition to go as seamlessly as possible, especially after the messy ouster of former CEO Ron Johnson and return of Ullman in April 2013. Ellison has been working side by side with Ullman for the past 10 months as president, CEO designee and serving on the J.C. Penney board.