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Foot Locker CEO to retire and be succeeded by former Ulta Beauty chief

Foot Locker has announced that Richard Johnson will retire as president and chief executive of the company and be succeeded by Mary Dillion as part of… View Article

SPORTS & LEISURE

Foot Locker CEO to retire and be succeeded by former Ulta Beauty chief

Foot Locker has announced that Richard Johnson will retire as president and chief executive of the company and be succeeded by Mary Dillion as part of a planned succession process.

A former executive chair and chief executive of Ulta Beauty, Dillon will take up her new role on 1 September when she will also become a member of the Foot Locker board.

Johnson will continue as executive chairman of the board until 31 January when he will step down. However, he will remain with the company as a senior advisor to Dillon until early April 2023 to facilitate a smooth transition.

Dillon has over 35 years’ experience in sectors ranging from retail and beauty to restaurants, telecom and consumer goods. Most recently, she served as executive chair of Ulta Beauty after an eight year tenure as chief executive. Prior to that, she was president and chief executive at US Cellular, the global chief marketing officer of McDonald’s Corp, and held leadership roles at PepsiCo.

The company will be separating its chair and chief executive roles from 1 September and its lead independent director, Dona Young, will become non-executive chair on 1 February.

Young said: “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.”

She added: “It has truly been an honour and a privilege serving on the board with Dick. He has left an indelible mark on the business, organisation 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.“

Foot Locker has also announced its second quarter results in which it posted a drop in sales and profit, although sales were 16.4% above pre-pandemic levels in 2019.

In the 13 weeks to 30 July, net income fell to $94 million from $430 million a year earlier while total sales decreased to $2.065 billion from $2.275 billion in the second quarter of 2021.

Meanwhile comparable store sales dropped by 10.3% from the record sales levels seen in the same period last year.

Johnson said: “Despite an increasingly challenging macroeconomic backdrop, we delivered a solid quarter against the favourable fiscal stimulus and promotional environment from last year.”

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