Foot Locker Hires New CEO
June 25, 2009 by Stephen Kersey
Filed under Business
J.C. Penney’s CEO, Ken Hicks, will step down on July 6 to become Foot Locker’s chief executive officer after the current CEO, Matthew Serra, retires. Hicks will officially take the reins of the shoe retailer on August 17, marking a definitive end of a four-year stint as CEO of the struggling department store chain.
Hicks originally joined J.C. Penney in 2002, and before that he worked at Payless Shoesource Inc. His legacy at J.C. Penney involves his efforts to enhance customer service and to attract female shoppers, making women’s clothing one of the department store’s top-selling categories.
Serra will remain the chairman of Foot Locker’s Board of Directors and Hicks will join the board, according to Foot Locker. Throughout 2009, Foot Locker shares have improved by 42 percent, almost edging out J.C. Penney’s 43 percent gain this year. Foot Locker’s market value stands at $1.63 billion while J.C. Penney has a market value of about $6.65 billion.
Foot Locker (Image: Flickr)
