Dona D. Younger to Turn into Non-Govt Chair, Efficient February 1, 2023
Transition Displays Thorough Succession Planning Course of and Robust Governance
NEW YORK, Aug. 19, 2022 /PRNewswire/ — Foot Locker, Inc. (NYSE: FL) (“Foot Locker” or “the Firm”), the New York-based specialty athletic retailer, at present introduced that, as a part of a deliberate succession course of, Richard A. Johnson will retire as President and Chief Govt Officer, efficient September 1, 2022. Mary N. Dillon, former Govt Chair and CEO of Ulta Magnificence, Inc., has been appointed President and Chief Govt Officer and a member of the Foot Locker Board, additionally efficient September 1, 2022.
Johnson will proceed as Govt Chairman of the Board by way of January 31, 2023, and can step down from the Board at the moment, subsequently remaining with the Firm as a Senior Advisor to the Chief Govt Officer till early April 2023 to facilitate a clean transition. The Firm’s Board has decided that the Chair and Chief Govt Officer roles can be separated, additionally efficient September 1, 2022, and the Firm’s Lead Impartial Director, Dona D. Younger, will change into non-Govt Chair, efficient February 1, 2023.
Johnson has had a distinguished three-decade lengthy profession at Foot Locker, together with having served because the Firm’s Chief Govt Officer since 2014 following two years as Chief Working Officer and holding a number of different divisional management roles. Throughout Johnson’s tenure, he has led the event of the Firm’s strategic imperatives and long-term plan, overseen gross sales progress to roughly $9 billion in 2021 from roughly $7 billion in 2014, been chargeable for a lot of investments and acquisitions, together with WSS and atmos in 2021, led Foot Locker’s digital transformation and technique to broaden into new geographies in addition to diversify product combine throughout manufacturers and classes, together with strengthening the Firm’s concentrate on DE&I and ESG initiatives.
“It has been a privilege and an honor to guide Foot Locker and work alongside the very best workforce in retail for almost 30 years,” stated Johnson. “Collectively, we’ve got constructed a broad home of manufacturers and banners fueled by a shared ardour for the worldwide sneaker neighborhood. Now we have turned a brick-and-mortar firm into an interactive retail neighborhood poised for long-term progress within the digital period. The Board and I’ve labored carefully collectively on a considerate succession plan, and with a powerful basis in place and ongoing momentum in opposition to our strategic targets, we consider now’s the precise time to finish the CEO transition. We’re assured that Mary is the best particular person to function Foot Locker’s subsequent CEO and lead the Firm ahead. Mary has established a outstanding observe document within the retail business, and she or he brings an unbelievable mixture of expertise, expertise and dedication to take Foot Locker to the subsequent degree.”
Dillon stated, “I’m thrilled to be becoming a member of Foot Locker, an iconic firm that possesses a powerful set of values and concentrate on the shopper expertise in addition to great progress alternatives. It’s clear how Foot Locker sits on the coronary heart of the worldwide sport and sneaker neighborhood, and I’m excited to change into a part of the Firm’s workforce. I sit up for working carefully with Dick to make sure a clean transition, and to partnering with the Board, management workforce and almost 50,000 workforce members around the globe to construct on Foot Locker’s sturdy basis and assist form the Firm’s future.”
Younger famous, “On behalf of the Board and all the Foot Locker workforce, I prolong our deepest gratitude to Dick for his dedication, management and excellent contributions. It has really been an honor and a privilege serving on the Board with Dick. He has left an indelible mark on the enterprise, group and sneaker neighborhood and we want him solely the very best on his well-deserved retirement from the Firm and subsequent chapter of his life’s journey. Wanting ahead, we’re unanimous in our perception that Mary can be an amazing addition to Foot Locker’s dynamic and numerous management workforce. Mary’s expertise main consumer-driven companies and constructing sturdy model portfolios, alongside along with her dedication to tradition, is deeply aligned with Foot Locker’s priorities and technique.”
Younger added, “Right this moment’s Board and management transitions are the end result of a multi-year succession planning course of which mirrors our observe document of energetic planning for board succession and adherence to governance greatest practices. We’re assured this can be a clean transition because the Board and management workforce proceed to concentrate on driving worth for all Foot Locker stakeholders.”
Dillon has over 35 years of expertise main consumer-driven companies in a various vary of industries, from consumer-packaged items to eating places to telecom to magnificence and retail. She brings deep shopper advertising and digital transformation experience, sturdy operational expertise, a confirmed observe document of shareholder worth creation and a demonstrated dedication to management improvement. Most just lately, she served as Govt Chair of Ulta Magnificence, after having served as CEO for eight years, and was chargeable for guiding the corporate because it turned the main magnificence vacation spot within the U.S. and a profitable omni-channel retailer with a best-in-class loyalty program. This led to income CAGR of 16% and the tripling of the corporate’s market capitalization over her tenure. Beforehand, Dillon served as President, CEO and a member of the Board of Administrators of U.S. Mobile, the World Chief Advertising and marketing Officer of McDonald’s Corp., and held management roles at PepsiCo. Dillon additionally has in depth public firm board expertise. She acquired a Bachelor of Science in Advertising and marketing and Asian Research from the College of Illinois at Chicago.
Foot Locker, Inc. leads the celebration of sneaker and youth tradition across the globe by way of a portfolio of manufacturers together with Foot Locker, Youngsters Foot Locker, Champs Sports activities, Eastbay, atmos, WSS, and Sidestep. With roughly 2,800 retail shops in 28 nations throughout North America, Europe, Asia, Australia, and New Zealand in addition to web sites and cellular apps, the Firm’s function is to encourage and empower youth tradition around the globe, by fueling a shared ardour for self-expression and creating unequalled experiences on the coronary heart of the worldwide sneaker neighborhood. Foot Locker, Inc. has its company headquarters in New York. For extra data please go to footlocker-inc.com.
Disclosure Relating to Ahead-Wanting Statements
This press launch comprises forward-looking statements throughout the which means of the federal securities legal guidelines. Apart from statements of historic details, all statements which tackle actions, occasions, or developments that Foot Locker, Inc. anticipates will or might happen sooner or later, together with, however not restricted to, things like future capital expenditures, enlargement, strategic plans, monetary targets, dividend funds, inventory repurchases, progress of Foot Locker, Inc.’s enterprise and operations, together with future money flows, revenues, and earnings, and different such issues, are forward-looking statements. These forward-looking statements are based mostly on many assumptions and elements that are detailed in Foot Locker, Inc.’s filings with the U.S. Securities and Trade Fee.
These forward-looking statements are based mostly largely on our expectations and judgments and are topic to a lot of dangers and uncertainties, lots of that are unforeseeable and past our management. For extra dialogue on dangers and uncertainties that will have an effect on forward-looking statements, see “Danger Elements” disclosed in Foot Locker, Inc.’s Annual Report on Kind 10-Ok for the 12 months ended January 29, 2022, filed on March 24, 2022. Any modifications in such assumptions or elements might produce considerably totally different outcomes. Foot Locker, Inc. undertakes no obligation to replace forward-looking statements, whether or not because of new data, future occasions, or in any other case.
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