Dive Brief:
- Foot Locker CFO Andrew Page is set to step down following the company’s fourth quarter earnings report to “pursue other opportunities,” the company announced Tuesday.
- Page took on the financial helm of the New York-based sneaker retailer in April 2021. His successor has yet to be announced as the company disclosed in the release they are initiating a comprehensive search with the assistance of a leading executive recruiting firm.
- The finance chief’s departure was announced against the backdrop of a slew of changes to the company's executive ranks, with new hire Elliott Rodgers taking over for Frank Bracken as chief operating officer as Bracken moves to the position of chief commercial officer. Meanwhile, company insider Rosalind Rieves was promoted to chief human resources officer, all effective Dec. 1, according to the release.
Dive Insight:
Foot Locker — which has a portfolio of brands including Kids Foot Locker, Champs Sports, Eastbay, atmos, WSS, and Sidestep — has been under new leadership since Sept. 1, after Mary Dillon replaced Richard Johnson as CEO following his announced retirement.
Before stepping into her role with the well known athletic retailer, Dillon was the CEO of Ulta Beauty from July 2013 to June 2022. Rodgers, the newly appointed COO, is a fellow colleague of Dillon’s as he was formerly with Ulta for eight years under the titles of chief supply chain officer and chief information officer.
Page joins a growing list of retail finance chiefs who have departed from their roles in recent months. Among them is Anne Bramman, who announced her departure as CFO of Nordstrom back in October.
Video and electronics retailer GameStop fired their finance chief in July as part of job cuts, and home retailer Bed Bath and Beyond scrambled to fill their CFO seat after the tragic suicide of its previous finance chief Gustavo Arnal, appointing their chief accounting officer in the interim, CFO Dive previously reported.
CFO churn in the retail space has been an ongoing trend for a few years now. A 2021 study from executive search firm Russell Reynolds found that turnover expanded from 17% in 2020 to 27% in 2021.
Like many companies in the retail industry, Foot Locker has faced headwinds in part due to pressures from macroeconomic conditions like high inflation, foreign currency fluctuations, supply chain costs and swollen inventories.
Foot Locker recently reported a dip in sales of 1% during the third quarter period ending Oct. 29 compared to the same period a year earlier and a decline in profit of 39%, according to a company release.
