Foot Locker CEO announces retirement

Foot Locker, the New York-based athletic retailer, has announced that Richard Johnson will retire as president and chief executive officer (CEO), effective 1 September 2022. Mary Dillon, former executive chair and CEO of Ulta Beauty, will take over Johnson’s role as president and CEO and a member of the Foot Locker board. She has over 35 years of experience leading consumer-driven businesses in a range of industries, from consumer-packaged goods to beauty and retail. The firm said she will bring consumer marketing and digital transformation expertise, operational experience, a proven track record of shareholder value creation and a demonstrated commitment to leadership development. Johnson will continue as executive chairman of the board until 31 January 2023, and will step down from the board at that time, remaining with the company as a senior advisor to the CEO until early April 2023 to facilitate a “smooth transition”. Johnson has had a “distinguished” three-decade long career at Foot Locker, including having served as the company's CEO since 2014 following two years as chief operating officer and holding multiple other divisional leadership roles. He has led the development of the company's strategic imperatives and long-term plan, overseen sales growth to approximately $9bn (£7.63bn) in 2021 from approximately $7bn (£5.93bn) in 2014, been responsible for a number of investments and acquisitions, including WSS and atmos in 2021, led Foot Locker's digital transformation and strategy to expand into new geographies. Johnson said: "It has been a privilege and an honour to lead Foot Locker and work alongside the best team in retail for nearly 30 years. Together, we have built a broad house of brands and banners fueled by a shared passion for the global sneaker community. We have turned a brick-and-mortar company into an interactive retail community poised for long-term growth in the digital era. “The board and I have worked closely together on a thoughtful succession plan, and with a strong foundation in place and ongoing momentum against our strategic objectives, we believe now is the right time to complete the CEO transition. We are confident that Mary is the ideal person to serve as Foot Locker's next CEO and lead the Company forward.” Dillon added: "I am thrilled to be joining Foot Locker, an iconic company that possesses a strong set of values and focus on the customer experience as well as tremendous growth opportunities. It is clear how Foot Locker sits at the heart of the global sport and sneaker community, and I am excited to become part of the Company's team. “I look forward to working closely with Dick to ensure a smooth transition, and to partnering with the Board, leadership team and nearly 50,000 team members around the world to build on Foot Locker's strong foundation and help shape the Company's future." This news follows Foot Locker’s second quarter results, which saw net incomes rise to $94m (£79.7m), or $0.99 (£0.84) per share, for the 13 weeks ended 30 July 2022, compared with net income of $430m ($364.7m), or $4.09 (£3.47) per share, for the same period last year. However, second quarter total sales decreased by 9.2%, to $2.065bn (£1.74bn), compared with sales of $2.275bn (£1.92bn) in the second quarter of 2021.

Foot Locker CEO announces retirement

This news follows Foot Locker’s second quarter results, which saw net incomes rise to $94m (£79.7m), or $0.99 (£0.84) per share

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