MOSS ADAMS CAPITAL: Apparel and foowear market monitor highlights notable deals, stock prices and results.
Details on Industry Insight.
Foot Locker named Ken Hicks chief executive officer today.
Hicks previously was president and chief merchandising officer for JC Penney. Prior to that, he served in executive positions at Payless ShoeSource and other retailers.
Foot Locker is becoming increasing involved in the skate industry after buying online skate retailer CCS last year. It also is adding skate shoes to its European stores and executives have repeatedly said Foot Locker wants to carry more skate products.
Foot Locker helped CCS open its first brick-and-mortar store recently in Santa Monica. For a review of that store, click here.
Here's the press release announcing the new CEO:
Source: Foot Locker, Inc.
On Thursday June 25, 2009, 4:16 pm EDT
Matthew D. Serra to Remain as Chairman of the Board until Year End
NEW YORK, June 25 /PRNewswire-FirstCall/ -- Foot Locker, Inc. (NYSE: FL - News), 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 Locker's 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 Locker's Chairman of the Board until his planned retirement at the end of the Company's 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 Ken's 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 Company's record of success."
James E. Preston, Foot Locker's 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 Penney's 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 University's Cox School of Business.
Matthew D. Serra, age 64, joined Foot Locker, Inc. in 1998 as President and Chief Executive Officer of Foot Locker Worldwide. He became President and Chief Operating Officer in 2000, President and Chief Executive Officer in 2001, and Chairman of the Board in 2004.
Foot Locker, Inc. is the world's leading retailer of athletic footwear and apparel. Headquartered in New York City, it operates approximately 3,600 athletic retail stores in 21 countries in North America, Europe, and Australia under the brand names Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker, and Champs Sports. Additionally, the Company's Footlocker.com/ Eastbay/CCS business operates a direct-to-customers business offering athletic footwear, apparel, and equipment through its Internet and catalog channels.