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.
Sam’s Club to host financial literacy event for young women
NEW YORK Sam’s Club, in collaboration with The Women’s Presidents’ Organization (WPO) and the Girl Scouts of the USA, will host On The Way to Pay Day on Oct. 7 at Sam’s Club locations in 10 cities across the country. The event is meant to educate young girls about financial literacy and is The WPO’s second annual Financial Literacy Event for young women.
“This is a great event and we are pleased we can play a role,” said Sam’s Club vp of business insights and marketing Catherine Corley. “At Sam’s Club, we help small businesses grow by lowering their costs and providing goods and services that will help them succeed. More and more women are choosing to become entrepreneurs so they can run their own businesses, but regardless of the career path these young girls will choose, we need to ensure all of our daughters are prepared to achieve their dreams.”
“This wonderful event allows young women to learn first-hand from successful women business owners and entrepreneurs,” said Sharon Lechter, a national board member of the WPO and one of the creators and organizers of the event. “WPO and Sam’s Club are providing these young women with vital financial skills that will not only prepare them to survive in the world they face, but to thrive in it.”
The On The Way to Pay Day program gives highly-successful women ceos who oversee multi-million dollar businesses the opportunity to teach future women leaders the importance of financial education and how it can impact their personal and professional lives. The participating WPO members are women entrepreneurs who have grown their businesses to the multi-million dollar level and have a vested interest in the growth and success of women in business.
“The single most important factor for women in contributing to a stable existence is to be financially secure. It is equally as important to a young woman as it is to a young man,” said Marsha Firestone, Ph.D., president and founder of the WPO. “Understanding of money and finance empowers women in all aspects of life. Too many of our girls grow up without knowledge in this area.”
The Financial Literacy Program will be held at Sam’s Clubs in Latham and Cheektowaga, N.Y.; Canton, Mich.; Columbus, Ohio; Dallas, Texas; Secaucus and Cinnaminson, N.J.; Renton, Wash.; Tampa, Fla.; and Las Vegas.
Kohl’s celebrates 1,000th-store milestone
MENOMONEE FALLS, Wis. Kohl’s is celebrating the opening of its 1,000th store today (Oct 1.), marking an important milestone in the company’s history. The accomplishment is part of a 47-store expansion this fall, which includes 45 stores that are built according to a design that is LEED pre-certified at the silver level from the U.S. Green Building Council.
“This is an exciting time for our company as we celebrate the opening of our 1,000th store and our green buildings,” said president and ceo Kevin Mansell. “Despite a difficult economy, Kohl’s continues to grow with the addition of 47 new stores this fall and more than 6,000 new jobs. We are poised to continue introducing innovation through store design, store remodels, evolution of the in-store experience and delivery of world-class brands at a great value. It’s a proven formula that contributes to our profitable growth over the long-term.”
Among the stores opening this fall are Kohl’s first locations in Miami-Fort Lauderdale-West Palm Beach, as well as the retailer’s entry into Montana, which marks the company’s 48th state. Of the 47 new stores, 46 will open Oct. 1, followed by one opening in November. In the spring, Kohl’s opened 28 stores. In total, the retailer will open 75 stores in 2008, operating 1,004 stores in 48 states by the end of November.
In 2009, Kohl’s plans to open approximately 50 new stores and remodel 60 locations, an increase from 36 remodeled stores in 2008. Despite a difficult economic environment, the company’s strong financial position allows for flexibility should additional real estate become available in the marketplace.