Foot Locker (FL) Announces Retirement of CEO; Ken C. Hicks Named as Successor

June 25, 2009 4:24 PM EDT

Foot Locker, Inc. (NYSE: FL) announced that its Board of Directors has elected Ken C. Hicks to become its President and Chief Executive Officer, effective August 17, 2009. Mr. Hicks was also elected a member of Foot Locker's Board of Directors as of that date.

Mr. Hicks will succeed Matthew D. Serra, who has been Foot Locker, Inc.'s Chief Executive Officer since March 2001 and Chairman of the Board since February 2004. Mr. Serra, age 64, will continue as Foot Locker's Chairman of the Board until his planned retirement at the end of the Company's current fiscal year, January 30, 2010. He will also retire from the Board of Directors on that date.

Ken C. Hicks, age 56, has served as President and Chief Merchandising Officer of J.C. Penney Company, Inc. (NYSE: JCP) since 2005 and has been a member of its Board of Directors since 2008. [SM]

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