J.C Penney CEO Leaves the Company for Lowe’s

Jim Cramer had less than optimistic things to say about the future of J.C. Penney after it was revealed that the company’s CEO Marvin Ellison is exiting.

Cramer said the company can’t be saved or turn around after his departure.

“If there was any chance [of a turnaround], I think you would stay,” Cramer said on “Squawk on the Street.” He added, “Because it would obviously be such a kick in the face of J.C. Penney to move over.”

Lowe’s announced on Tuesday that it had named Ellison to be its new president and CEO. Ellison’s new role will take effect on July 2nd.

J.C. Penny spokesperson said, “Marvin Ellison’s departure is not connected to recent company performance or the JC Penney business.”

“JC Penney is a relevant brand with a strong American heritage, and we continue to believe there is tremendous opportunity ahead for the company. As such, we expect to attract a new CEO who believes in the Company’s enormous potential and future place in retail.”

Disclaimer: We have no position in J C Penney Company Inc. (NYSE: JCP) and have not been compensated for this article.