JCPenney's CEO Marvin Ellison will leave the retail chain to pursue a career with Lowe's, the home improvement chain.
Ellison will remain a director and CEO through June 1, but he will step down from his position as chairman of the board effective immediately.
"It has been a tremendous honor leading the Company as Chairman and CEO, and working alongside some of the most talented professionals in retail," said Ellison. "I want to personally thank the entire JCPenney team for their loyalty and hard work over the years. Their warrior spirit is unmatched, and I have the utmost confidence that JCPenney has the talent and expertise to achieve sustainable, long-term growth."
Ellison has over 30 years of experience in the retail industry, spending 12 of those years at the Home Depot.
A search committee has been formed to conduct a search for a chief executive officer at JCPenney.
