Plano-based J.C. Penney is beginning its search for a new leader after its CEO Marvin Ellison announced Tuesday he is resigning to take over as CEO of Lowe's, one of the nation’s largest home-improvement retailers.

Ellison will serve as a director and CEO for J.C. Penney through June 1, according to a company news release. Ellison will step down effective immediately from his position as chair of the company’s board of directors.

"It has been a tremendous honor leading the company as Chairman and CEO, and working alongside some of the most talented professionals in retail,” Ellison said in the news release. "I want to personally thank the entire J.C. Penney team for their loyalty and hard work over the years. Their warrior spirit is unmatched, and I have the utmost confidence that J.C. Penney has the talent and expertise to achieve sustainable, long-term growth.”

Ron Tysoe, lead independent director at J.C. Penney, will assume the position as chair of the board, according to the news release.

"I want to thank Marvin [Ellison] for his many significant contributions to J. C. Penney over the past three years,” Tysoe said in the news release. "During his tenure, the company retired $1.4 billion in debt, renewed and enhanced its revolving credit facility and has significantly strengthened the company's financial position.

"Additionally, he assembled a strong leadership team that will continue to serve the company in an elevated capacity to ensure the entire organization remains focused on our customer and improving results. We thank Marvin for his leadership and dedication, and wish him much success in his next endeavor.”

Some of the J.C. Penney’s highest-ranking leaders will equally share the CEO's day-to-day responsibilities as the company begins its search for a new leader.

Ellison will assume the role as president and CEO of Lowe’s July 2, according to a separate news release from the home-improvement retailer. Ellison will also be appointed as a member of Lowe's board of directors at that time.

"I am thrilled to take on the role as Lowe's next president and CEO,” Ellison said in the news release. "Working closely with Lowe's board, management team and the more than 310,000 talented employees, I believe we will not just compete, but win in today's complex retail environment. Together, we will leverage Lowe's omni-channel capabilities to deliver the most simple and seamless customer experiences as we execute with purpose and put the customer first in everything we do."