The Board of Directors of Footstar, Inc. has announced the appointment of Dale W. Hilpert, a veteran retailing executive, as Chairman, President and Chief Executive Officer. Mr. Hilpert, 60, succeeds Neele E. Stearns, Jr., who has been acting as Chairman and Interim CEO. Mr. Stearns was appointed Vice Chairman of the Company's
Board. The Company also announced other changes within its management team and reporting structure and stated that it is evaluating strategic alternatives and focusing on initiatives to improve its performance in order to enhance value for shareholders.
Mr. Hilpert, a former Chairman and CEO of Foot Locker, Inc., said, “I look forward to leading the Footstar team and improving the Company's position in the future. Although the Company has experienced difficulties in recent years, it continues to be a leading footwear
retailer in the U.S.”
“The Board and I are delighted to welcome an executive of Dale Hilpert's ability and reputation to Footstar,” said Mr. Stearns. “Based on his experience in the footwear and retail industry, he is the right person to lead our Company at this time.”
Mr. Hilpert has 35 years of experience in senior financial and operational positions in the retail industry. He joins Footstar after having spent two years as CEO of Williams-Sonoma, Inc., where he led the Company in significantly improving sales and profitability and expansion of the chain. Prior to that, Mr. Hilpert spent from 1995 to
2001 at Foot Locker, where he restructured the worldwide athletic shoe retailer. He joined Foot Locker after spending 17 years at May Department Stores, serving in a variety of senior management positions, including Chairman and CEO of its Payless Shoe Source division, which grew in sales from $200 million to $2.1 billion during Mr. Hilpert's tenure.
The Company also announced that Stephen R. Wilson, Executive Vice President – Chief Financial Officer of Footstar, will become Executive Vice President – Chief Administrative Officer reporting directly to Mr. Hilpert. The Chief Financial Officer position will remain open and the Company has no current plans to fill this position.
As previously announced, the Company named Richard Robbins as Senior Vice President of Financial Reporting and Control. Mr. Robbins is responsible for the Company's accounting and financial reporting functions, and he will also report directly to Mr. Hilpert. Mr. Stearns, in his new position as Vice Chairman, will assist the Audit Committee of the Board in matters relating to the restatement of the Company's financial results for fiscal years 1997 through the first half of fiscal year 2002.
