Foot Locker CEO to Retire After Fivefold Jump in Stock

Foot Locker CEO Ken Hicks is retiring and will be succeeded by Richard Johnson, the sneaker chain's COO. Hicks, 61, who joined the chain in 2009 from J.C. Penney, plans to step down on Dec. 1 and will continue as executive chairman through the annual shareholder meeting in May, the New York-based company said in a statement. Since arriving at Foot Locker, Hicks has revamped store layouts and merchandising, while closing weaker locations. Hicks also added more running footwear just as the category took off.