- Push-out Score determined
- After almost eight years in the position
- Accolades, praise, thanks and good wishes for Johnson
- Mary Dillon taking over
- Johnson spoke at length and said 154 words
(exechange) — New York, August 19, 2022 — Dick Johnson, chief executive of Foot Locker, leaves. As announced by Foot Locker Inc. in a news release on Friday, August 19, 2022, Richard A. (Dick) Johnson leaves his post as chief executive officer at the sportswear and footwear retailer, after almost eight years in the role, effective September 1, 2022.
Dick Johnson’s duties as CEO will be taken over by Mary N. Dillon, a former Executive Chair and CEO at Ulta Beauty, Inc.
The fact that Dick Johnson’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“A thoughtful succession plan”
Dick Johnson’s departure from the CEO post is explained as follows. Johnson said: “The Board and I have worked closely together on a thoughtful succession plan, and with a strong foundation in place and ongoing momentum against our strategic objectives, we believe now is the right time to complete the CEO transition.”
Precise information regarding Dick Johnson’s future plans was not immediately available.
Foot Locker said: “[A]s part of a planned succession process, Richard A. Johnson will retire as President and Chief Executive Officer, effective September 1, 2022.”
Share price decline since December 2014
The announcement follows a decline in Foot Locker Inc.’s share price of 43% since December 2014. December 2014 is the month in which Johnson’s tenure as CEO began.
In the position of CEO since 2014
Dick Johnson became CEO of the Company in 2014.
Johnson will continue as Executive Chairman of the Board through January 31, 2023, and will step down from the Board at that time, subsequently remaining with the Company as a Senior Advisor to the Chief Executive Officer until early April 2023 to facilitate a smooth transition.
The Company’s Board has determined that the Chair and Chief Executive Officer roles will be separated, also effective September 1, 2022, and the Company’s Lead Independent Director, Dona D. Young, will become non-Executive Chair, effective February 1, 2023.
Dick Johnson’s bio reads as follows:
- Chairman, since May 2016
- President and Chief Executive Officer, since December 2014
OTHER BOARD SERVICE
- Director and member of the Audit and Compensation committees, H&R Block, Inc., since September 2015
- Director, Maidenform Brands, Inc., January 2013 to October 2013
- Chairman, RILA
- Director, FDRA
- Member, University of Wisconsin—Eau Claire National Leadership Council.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Dick Johnson’s move on a scale of 0 to 10.
exechange reached out to Foot Locker and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 34.2022 ($).