This excerpt taken from the FL 8-K filed Jun 26, 2009.
Foot Locker, Inc. Names Ken C. Hicks as President and Chief Executive Officer
NEW YORK, NY, June 25, 2009 Foot Locker, Inc. (NYSE:FL), the New York-based specialty athletic retailer, today announced that its Board of Directors has elected Ken C. Hicks to become its President and Chief Executive Officer, effective August 17, 2009. Mr. Hicks was also elected a member of Foot Lockers Board of Directors as of that date.
Mr. Hicks will succeed Matthew D. Serra, who has been Foot Locker, Inc.s Chief Executive Officer since March 2001 and Chairman of the Board since February 2004. Mr. Serra, age 64, will continue as Foot Lockers Chairman of the Board until his planned retirement at the end of the Companys current fiscal year, January 30, 2010. He will also retire from the Board of Directors on that date.
Mr. Serra stated I am very pleased that Foot Locker has been able to recruit a seasoned retail executive of Kens stature and experience to become the next Chief Executive Officer. I look forward to working with him in the coming months to help ensure a smooth and effective transition.
Mr. Hicks stated It is rare that an opportunity to lead an international specialty retailer like Foot Locker, Inc. arises. I am very pleased to be joining Foot Locker, and I look forward to working with Matt, the Board of Directors, and the management team to continue and improve the Companys record of success.
James E. Preston, Foot Lockers lead director, stated The Board of Directors is very pleased that Ken Hicks will be joining the Company. His many years of experience with several high quality retail companies will serve him well as he leads Foot Locker. The Board also expresses its appreciation to Matt Serra for his work at Foot Locker over the past almost 11 years, eight of them as Chief Executive Officer. Matt set a high standard of leadership and excellence for the Company, contributing towards many years of success and allowing the Company to remain financially strong during periods when the external challenges were significant. We wish him well as he moves into retirement at the end of this year.
Ken C. Hicks, age 56, has served as President and Chief Merchandising Officer of J.C. Penney Company, Inc. since 2005 and has been a member of its Board of Directors since 2008. From 2002 to 2004 he was Penneys President and Chief Operating Officer of Stores and Merchandise Operations. Prior to joining Penney, Mr. Hicks was President of Payless ShoeSource, Inc. He is a graduate of the United States Military Academy and holds an M.B.A. from Harvard Business School. He serves on the boards of Avery Dennison Corporation and Southern Methodist Universitys Cox School of Business.
-- MORE --