American sports clothing chain Foot Locker has appointed a new CEO who will start work on 1 December. Its current COO, Richard Johnson, will assume the position, while current CEO Ken Hicks will leave the company.
Hicks (61) has been the CEO since 2009, but has now decided to resign. He believes that he is "leaving at a good time" as the group has published decent results. Board members had asked Hicks to stay on, but he feels Johnson is a worthy successor.
Hicks will remain chairman of the board until May 2015, so that he can help Johnson develop his company strategy for the next five years. He does believe however that Foot Locker should grow its clothing sales. That has happened over the past few years, but he feels that clothing sales should contribute more to Foot Locker's bottom line.