New CEO Announcement

Foot Locker announced a new president and CEO. Mary N. Dillon, an external hire, will replace Richard A. Johnson, who is retiring after about seven years in the position.

The statement is typical for a positive-news message. First is a quote from Johnson expressing his gratitude and touting the new leader:

We are confident that Mary is the ideal person to serve as Foot Locker's next CEO and lead the Company forward. Mary has established a remarkable track record in the retail industry, and she brings an incredible mix of talent, experience and commitment to take Foot Locker to the next level.

Then, a quote from Dillon shows her enthusiasm:

I am thrilled to be joining Foot Locker, an iconic company that possesses a strong set of values and focus on the customer experience as well as tremendous growth opportunities. It is clear how Foot Locker sits at the heart of the global sport and sneaker community, and I am excited to become part of the Company's team. I look forward to working closely with Dick to ensure a smooth transition, and to partnering with the Board, leadership team and nearly 50,000 team members around the world to build on Foot Locker's strong foundation and help shape the Company's future.

Next comes a quote from the new nonexecutive board chairman, Dona Young, who had been an independent director.

The statement is a bit odd in that the title and subtitle are mismatched, and the subtitle could be misread.

Regardless, the news is good: although the company doesn’t explicitly say so, Foot Locker will be one of very few public companies that have women in both top roles. Dillon will be one of about 30 women who lead S&P 500 companies.