Struggling like most U.S. retailers against the ever-rising tide of online shopping, department store chain J.C. Penney is suddenly without a CEO.

Chief Executive Marvin Ellison abruptly tendered his resignation to take the top executive role at home improvement chain Lowe’s, effective July 2. While the executive search process gets underway, four senior executives including Chief Financial Officer Jeff Davis will manage daily operations until a new CEO is found.

When Ellison took the CEO position in 2014, J.C. Penney was in need of a revamp, and he appeared to be the person for the job. He had built a strong reputation during his 12 years in leadership roles at Home Depot, Lowe’s #1 competitor. At J.C. Penney, his main job was to squelch a two-year sales decline. Analysts say Ellison brought about some changes, such as turning the chain’s focus to home appliances, where it hoped to make gains out of ongoing losses suffered by rival Sears.

However, with so many floundering in the harsh U.S. retail environment, Macy’s has started to show signs of a turnaround, making J.C. Penney even more vulnerable. Women’s apparel has long been a mainstay of J.C. Penney’s business. But part of Macy’s strategy has been to upgrade existing businesses – including beauty and apparel – rather than highlighting new categories. It is employing creative merchandising and experiential elements, said retail analyst Carol Spickerman, which is proving to be more successful than J.C. Penney’s strategy. Analysts also say that J.C. Penney has lacked a clear merchandising strategy and real differentiation in the apparel category.

J.C. Penney has been one of the hardest hit by the collapse in mall traffic, Reuters reports, which has forced it to close thousands of stores in the past five years. “Marvin Ellison’s departure from J.C. Penney is another signal to investors that the company is distressed,” said Jason Benowitz, a senior portfolio manager with The Roosevelt Investment Group in New York. “The captain is not going down with the ship but has chosen instead to save himself.”

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