Foot Locker, Inc. announced that its board of directors has elected Ken C. Hicks, its president and chief executive officer, to the additional position of chairman of the board, effective January 31, 2010, the beginning of its next fiscal year. He succeeds Matthew D. Serra, who, as previously announced, will retire from the company and the Board of Directors on January 30, 2010.
James E. Preston, Foot Locker's lead director, stated “The Board of Directors is very pleased that, as part of the planned transition in connection with Matt Serra's retirement, Ken Hicks will take on the additional role of Chairman of the Board. Ken is a seasoned retail company executive who has the background and experience to be a strong leader of Foot Locker.”
Hicks stated “I appreciate the confidence that the Board of Directors has expressed in electing me to the additional position of Chairman of the Board. I join with the Board in expressing my appreciation to Matt Serra for his assistance and guidance during the transition.”
Ken C. Hicks, age 56, became President and Chief Executive Officer of Foot Locker, Inc. on August 17, 2009. Prior to joining Foot Locker, he served as President and Chief Merchandising Officer of J.C. Penney Company, Inc. and a member of its Board of Directors. He is a graduate of the United States Military Academy and holds an M.B.A. from Harvard Business School. In addition to being a member of Foot Locker, Inc.'s Board of Directors, he serves on the board of Avery Dennison Corporation.
Matthew D. Serra, age 65, has served as Chairman of the Board of Foot Locker, Inc. since 2004. He joined Foot Locker in 1998, has been a member of its Board of Directors since 2000, and served as its Chief Executive Officer from 2001 until August 2009.