Dick’s Sporting Goods, Inc. (DKS) has completed its acquisition of Foot Locker, Inc.. DKS is now positioned to become a global leader in the sports retail industry at the intersection of sport and culture, serving a broader set of consumers across compelling, differentiated concepts.

As a combined company, DKS will now operate more than 3,200 stores plus e-commerce and digital businesses across 20 countries in North America, Europe, Asia, and Australia, plus a licensed store presence in Europe, the Middle East and Asia. This expanded footprint will strengthen its relationships with key brand partners by offering broader reach and enhanced visibility on a global level.

The New Foot Locker Team
DKS will continue to operate Foot Locker’s portfolio of brands, including Foot Locker, Kids Foot Locker, Champs Sports, WSS, and Atmos, under an experienced new leadership team. DKS Executive Chairman Ed Stack will lead the global Foot Locker businesses in partnership with two new presidents, one for North America and one for International, to enable acceleration of business momentum and targeted turnaround strategies.

Ann Freeman, a longtime former Nike executive, has been appointed president of Foot Locker North America. Freeman has been a member of the Board of Directors at the Fellowship of Christian Athletes and a Board member of Allbirds. She spent over 26 years at Nike, most recently served as VP/GM North America in 2020/2021 and VP of global sales for almost two years prior to that role. Freeman started at Nike as a sales rep for the Nike brand in 1995 and took on roles of increasing responsibility over her Nike career.

Freeman will be supported by a Foot Locker senior management team of senior leaders from Foot Locker, Dick’s Sporting Goods and external hires, who include:

  • Tony Aversa is SVP & GM, Foot Locker and Kids Foot Locker North America. Tony is a 30-year veteran of Foot Locker, having served in leadership roles at Foot Locker, Kids Foot Locker, WSS and most recently as GM of Champs Sports.
  • Denise Karkos is SVP & GM for Champs Sports. Karkos is joining Foot Locker from DKS where she most recently served as SVP, chief e-commerce officer at DKS. Prior to joining DKS in 2023, Karkos served as the CMO of Sirius XM and Pandora. Before joining Sirius XM, she served as CMO at TD Ameritrade.
  • George Jenkins is SVP, Store Operations and Customer Experience, Foot Locker North America. Over the past 30 years, George has held various leadership roles within the Foot Locker stores organization and most recently served as VP, Customer Experience, North America.
  • Peter Scaturro is SVP & CFO, Foot Locker North America. Scaturro most recently served as SVP, strategic planning & growth for Foot Locker and has held several leadership roles across corporate finance, strategy and customer service at the company.
  • Steve Miller is SVP & COO, Foot Locker North America. Steve is a former DKS senior executive who led hardlines merchandising after a senior role in strategy, e-commerce & analytics.
  • Brett O’Brien is SVP & CMO, Foot Locker North America. O’Brien is joining Foot Locker from PepsiCo where he held various marketing leadership roles, including his most recent position as chief sports officer.
  • Michael Keinath is SVP & chief people officer, Foot Locker North America. Keinath is joining Foot Locker from DKS where he held various leadership roles overseeing talent, organizational design and effectiveness and culture initiatives.

DKS will appoint a president of Foot Locker International to lead other regions.

The transaction is expected to deliver between $100 million to $125 million in cost synergies in the medium term, primarily through procurement and direct sourcing efficiencies, and DKS anticipates the transaction to be accretive to EPS in Fiscal Year 2026 (excluding transaction and other one-time costs to achieve synergies).

“We are very enthusiastic about the future of Foot Locker,” said Ed Stack, executive chairman, Dick’s Sporting Goods, Inc. “The world class team we have assembled is committed to returning Foot Locker to its rightful place in our industry. We are committed to investing in and growing Foot Locker through its strong culture, led by the Stripers, and creating a more powerful experience for consumers.”

Lauren Hobart, president and CEO, Dick’s Sporting Goods, Inc., added,  “We are excited to officially welcome the Foot Locker team. Bringing together the strengths of both companies will help us return Foot Locker to growth while continuing to fuel DKS momentum. As a combined company, Dick’s and Foot Locker will create a global platform that will redefine the sports retail industry and unlock value for both companies, our brand partners, our teammates, our communities and our shareholders.”

As the incoming new leader for Foot Locker North America, Ann Freeman said, “I am thrilled to join and lead Foot Locker North America at such a transformative moment. Together, we have an extraordinary opportunity to build on Foot Locker’s rich heritage and deliver innovative experiences to a variety of footwear consumers – from athletes to sneaker enthusiasts and everyone in between. I look forward to working with the talented Foot Locker team as we accelerate growth, enrich our brand partnerships and inspire the next generation of consumers.”

Advisors
Goldman Sachs is serving as financial advisor to DKS for this transaction, and Wachtell, Lipton, Rosen & Katz is serving as DKS legal advisor.

Image courtesy Foot Locker/Dick’s Sporting Goods, Inc.