Dona D. Young to
Become Non-Executive Chair, Effective February 1, 2023
Transition Reflects Thorough Succession Planning Process and Strong
Governance
NEW
YORK, Aug. 19, 2022 /PRNewswire/ -- Foot Locker,
Inc. (NYSE: FL) ("Foot Locker" or "the Company"), the New York-based specialty athletic retailer,
today announced that, as part of a planned succession process,
Richard A. Johnson will retire as
President and Chief Executive Officer, effective September 1, 2022. Mary
N. Dillon, former Executive Chair and CEO of Ulta Beauty,
Inc., has been appointed President and Chief Executive Officer and
a member of the Foot Locker Board, also effective September 1, 2022.
Johnson will continue as Executive Chairman of the Board through
January 31, 2023, and will step down
from the Board at that time, subsequently remaining with the
Company as a Senior Advisor to the Chief Executive Officer until
early April 2023 to facilitate a
smooth transition. The Company's Board has determined that the
Chair and Chief Executive Officer roles will be separated, also
effective September 1, 2022, and the
Company's Lead Independent Director, Dona
D. Young, will become non-Executive Chair, effective
February 1, 2023.
Johnson has had a distinguished three-decade long career at Foot
Locker, including having served as the Company's Chief Executive
Officer since 2014 following two years as Chief Operating Officer
and holding multiple other divisional leadership roles. During
Johnson's tenure, he has led the development of the Company's
strategic imperatives and long-term plan, overseen sales growth to
approximately $9 billion in 2021 from
approximately $7 billion 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 as well
as diversify product mix across brands and categories, along with
strengthening the Company's focus on DE&I and ESG
initiatives.
"It has been a privilege and an honor to lead Foot Locker and
work alongside the best team in retail for nearly 30 years," said
Johnson. "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. Mary has established a
remarkable track record in the retail industry, and she brings an
incredible mix of talent, experience and commitment to take Foot
Locker to the next level."
Dillon said, "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."
Young noted, "On behalf of the Board and the entire Foot Locker
team, I extend our deepest gratitude to Dick for his dedication,
leadership and outstanding contributions. It has truly been an
honor and a privilege serving on the Board with Dick. He has left
an indelible mark on the business, organization and sneaker
community and we wish him only the best on his well-deserved
retirement from the Company and next chapter of his life's journey.
Looking forward, we are unanimous in our belief that Mary will be a
tremendous addition to Foot Locker's dynamic and diverse leadership
team. Mary's experience leading consumer-driven businesses and
building robust brand portfolios, along with her commitment to
culture, is deeply aligned with Foot Locker's priorities and
strategy."
Young added, "Today's Board and leadership transitions are the
culmination of a multi-year succession planning process which
mirrors our track record of active planning for board succession
and adherence to governance best practices. We are confident this
will be a smooth transition as the Board and leadership team
continue to focus on driving value for all Foot Locker
stakeholders."
Dillon has over 35 years of experience leading consumer-driven
businesses in a diverse range of industries, from consumer-packaged
goods to restaurants to telecom to beauty and retail. She brings
deep consumer marketing and digital transformation expertise,
strong operational experience, a proven track record of shareholder
value creation and a demonstrated commitment to leadership
development. Most recently, she served as Executive Chair of Ulta
Beauty, after having served as CEO for eight years, and was
responsible for guiding the company as it became the leading beauty
destination in the U.S. and a successful omni-channel retailer with
a best-in-class loyalty program. This led to revenue CAGR of 16%
and the tripling of the company's market capitalization over her
tenure. Previously, Dillon served as President, CEO and a member of
the Board of Directors of U.S. Cellular, the Global Chief Marketing
Officer of McDonald's Corp., and held leadership roles at PepsiCo.
Dillon also has extensive public company board experience. She
received a Bachelor of Science in Marketing and Asian Studies from
the University of Illinois at
Chicago.
Foot Locker, Inc. leads the celebration of sneaker and youth
culture around the globe through a portfolio of brands including
Foot Locker, Kids Foot Locker, Champs Sports, Eastbay, atmos, WSS,
and Sidestep. With approximately 2,800 retail stores in 28
countries across North America,
Europe, Asia, Australia, and New
Zealand as well as websites and mobile apps, the Company's
purpose is to inspire and empower youth culture around the world,
by fueling a shared passion for self-expression and creating
unrivaled experiences at the heart of the global sneaker community.
Foot Locker, Inc. has its corporate headquarters in New York. For additional information please
visit footlocker-inc.com.
Disclosure Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Other than statements
of historical facts, all statements which address activities,
events, or developments that Foot Locker, Inc. anticipates will or
may occur in the future, including, but not limited to, such things
as future capital expenditures, expansion, strategic plans,
financial objectives, dividend payments, stock repurchases, growth
of Foot Locker, Inc.'s business and operations, including future
cash flows, revenues, and earnings, and other such matters, are
forward-looking statements. These forward-looking statements are
based on many assumptions and factors which are detailed in Foot
Locker, Inc.'s filings with the U.S. Securities and Exchange
Commission.
These forward-looking statements are based largely on our
expectations and judgments and are subject to a number of risks and
uncertainties, many of which are unforeseeable and beyond our
control. For additional discussion on risks and uncertainties that
may affect forward-looking statements, see "Risk Factors" disclosed
in Foot Locker, Inc.'s Annual Report on Form 10-K for the year
ended January 29, 2022, filed on
March 24, 2022. Any changes in such
assumptions or factors could produce significantly different
results. Foot Locker, Inc. undertakes no obligation to update
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Investor Contact:
Robert Higginbotham
Vice President, Investor Relations
robert.higginbotham@footlocker.com
(212) 720-4600
Media Contact:
Cara Tocci
Vice President, Corporate Communications
cara.tocci@footlocker.com
(914) 582-0304
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SOURCE Foot Locker IR