Foot Locker Taps Penney’s Hicks to Replace Serra as CEO

Foot Locker, Inc. said that its Board of Directors has elected Ken C. Hicks to become its president and CEO, effective Aug. 17, 2009. The chief merchant for J.C. Penney will also be elected a member of Foot Locker's Board as of that date. Hicks will succeed Matthew D. Serra, who has been CEO since March 2001 and chairman of the board since February 2004.

Serra, 64, will continue as Foot Locker's chairman until his planned retirement at the end of the company's current fiscal year, Jan. 30, 2010. He will also retire from the board of directors on that date.

Serra said “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.”

Hicks said “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, said “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.”

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, 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.

Serra 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.

While a search is on for Hicks' successor, chairman and CEO Myron “Mike” Ullman, 62, will assume his responsibilities at J.C. Penney, Penney said.

In a Securities and Exchange Commission filing Thursday, Penney said Hicks' departure is not “a result of any disagreement with the company or its management.”