New York City Foot Locker on Thursday announced that its board of directors has elected Ken Hicks, J.C. Penney president and chief merchandising officer of J.C. Penney, to become its president and CEO, effective Aug. 17.
Hicks, 56, has resigned from J.C. Penney, effective July 6. He will leave the company's board that day as well.
At Foot Locker, Hicks will succeed Matthew D. Serra, 64, who has been CEO since March 2001 and chairman since February 2004. Serra will continue as Foot Locker's chairman until his planned retirement at the end of the company's current fiscal year, Jan. 30, 2010. He will also retire from the board on that date.
Serra stated "I am very pleased that Foot Locker has been able to recruit a seasoned retail executive of Ken's stature and experience to become the CEO. I look forward to working with him in the coming months to help ensure a smooth and effective transition."
Hicks held the merchandising position at J.C. Penney since 2005. He joined the company in 2002 as president and COO of J.C. Penney's stores and merchandise operations.
Until a successor is found, J.C. Penney CEO Myron E. Ullman III will assume Hicks' responsibilities, the company said in a statement.