Foot Locker CEO Dick Johnson on Incoming CEO Mary Dillon + Why Now Is the Time to Step Away

The biggest news to come from Foot Locker Inc. last week wasn’t its Q2 performance. On Friday, the athletic retail giant announced Dick Johnson — who earned the CEO title in 2014 after two decades in various roles at Foot Locker Inc. — will retire from the position, effective Sept. 1. His successor is Mary Dillon, the former executive chair and CEO of Ulta Beauty. Johnson and Dillon are well acquainted with one another, having had a professional relationship through the Retail Industry Leaders Association (RILA). Johnson said Dillon also has spoken to Foot Locker Inc. employees in the past via its women’s employee resource group. The Q2 earnings results were better than expected, with net income of $94 million, or 99 cents per share. Total sales dropped by 9.2% to $2.07 billion. Foot Locker Inc. cut its fiscal 2022 outlook and now expects total sales to fall between 6% and 7% for the year. Shares surged in premarket trading Friday on the announcement of the transition and a quarterly earnings beat. With his upcoming retirement now well known, Johnson spoke with FN to offer insight into why he’s walking away and why Foot Locker Inc. is in good hands with Dillon. Why is now

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