Hal Pennington will step down as CEO of Genesco later this summer, making way for Bob Dennis, who joined the company when it acquired Hat World four years ago.

Pennington, who will stay on as executive chairman after Aug. 1, said the move rounds out a plan launched three years ago when Dennis was named COO.

"Bob is the right person to lead the company through the next phase of its strategic development. I look forward to supporting him and the entire management team," said 70-year-old Pennington, who joined Genesco in 1961 and became its CEO in April 2002.

Today's announcement comes three and a half months after Nashville-based Genesco and Finish Line spiked their $1.5 billion merger plan, news that pushed Genesco shares (Ticker: GCO) to four-year lows. They closed Wednesday trading at $27.27 and are down more than 27 percent year to date.

Dennis had been slated to be president of the combined company. Prior to joining Hat World in 2001, Dennis spent three years at Asbury Automotive and 13 years at consulting firm McKinsey, where he rose to lead the company's North American retail practice.

To read the company's press release, click here.