The new York-based specialty athletic retailer announced that as part of a planned succession process, Ken Hicks intends to retire as President and Chief Executive Officer of the company on the 1st of December 2014. He will continue as Executive Chairman of the Board through the company’s Annual Meeting of Shareholders in May 2015 and will then step down from the Board.

Mr. Hicks will be succeeded as President and Chief Executive Officer by Richard A. Johnson, who has been with Foot Locker for almost two decades, and has played an integral role in developing and executing the company’s highly successful strategic plan along with Mr. Hicks. Mr. Johnson has also been appointed to the company’s Board of Directors, effective from the 1st of December 2014.

As Executive Chairman, Mr. Hicks will remain actively involved at the company, participating in day-to-day operations through the first quarter of fiscal 2015, in order to ensure a smooth transition process.

As part of this process, Mr. Hicks and Mr. Johnson are currently working closely together to develop the next phase of the Company’s long-range strategic plan, which is being spearheaded by Mr. Johnson and is expected to be presented to the investment community in the spring of next year.

Nicholas DiPaolo, Lead Director of the company’s Board of Directors, said that “When Ken joined Foot Locker over five years ago, we discussed the company’s key priorities – establishing a plan for strong, sustainable growth that leverages Foot Locker’s exceptional position in the market and developing the next generation of leaders, including ensuring an orderly CEO succession process. Ken has delivered exceptionally well on these and all fronts, and we are grateful to him.”