SAN FRANCISCO, June 25 (Reuters) - J.C. Penney Co Inc (JCP.N) said on Thursday 25 June that its president, Ken Hicks, has resigned, and he will become the president and chief executive officer of Foot Locker Inc (FL.N).

St John's Bay at J.C. Penney

Hicks, 56, will take on his new role on Aug. 17, when he will succeed Matthew Serra, who has been Foot Locker's chief executive officer since March of 2001. Serra will continue as Foot Locker's chairman until he retires on Jan. 30, 2010.

"It is rare that an opportunity to lead an international specialty retailer like Foot Locker Inc arises," Hicks said in a statement.

Penney said it will conduct an executive search to find a successor for Hicks. In the interim, the department store operator said that Myron "Mike" Ullman, its chairman and chief executive officer, will assume Hicks' responsibilities. (Reporting by Nicole Maestri; Editing by Phil Berlowitz)