Hicks will continue serving as the executive chairman of the board for Foot Locker through the company's annual shareholder meeting in May 2015. Hicks will step down from the board at that time.
Foot Locker COO Richard A. Johnson will take over the positions of president and CEO on Dec. 1. Johnson will also be appointed to the retailer's board of directors then.
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As part of the transition, Foot Locker said Hicks and Johnson "are currently working closely together to develop the next phase of the company's long-range strategic plan" that will presented in the spring of 2015.
TheStreet Ratings team rates FOOT LOCKER INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate FOOT LOCKER INC (FL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company shows low profit margins."