CEO of Foot Locker's U.S. Division Out in Shake Up
New York City Richard T. Mina, president and CEO of Foot Locker Inc.'s U.S.A. division since 2003, has stepped down. According to a company filing with the Securities and Exchange Commission, Foot Locker notified Mina it would terminate his employment as of Oct. 31.
As a result of the management changes, the role of president and CEO will be effectively eliminated, company officials said Wednesday.
Both Keith Daly, president and CEO of Foot Locker U.S., Kids Foot Locker and Footaction, and Marla Anderson, president and CEO of Lady Foot Locker, will now report to Matt Serra, chairman and CEO.
Ron Halls, president and CEO of Foot Locker Inc.'s international division, has assumed added responsibilities for Champs Sports, Global Sourcing and Team Edition.
John Shanley, an analyst at Susquehanna Financial Group, wrote in a report issued Wednesday that Mina's departure was likely the result of "difficulties that the executive has had over the past year with both managing the line executives that reported to him as well as persistent problems he had working with the key vendors of the company's U.S. operations."
"We believe the company has a significant depth of management talent that should more than offset any issues that arise due to Mr. Mina's departure," Shanley wrote.