CONTACT: Peter D. Brown
Vice President, Treasurer
and Investor Relations
Foot Locker, Inc.
FOOT LOCKER, INC. ANNOUNCES CORPORATE MANAGEMENT CHANGES
· Robert W. McHugh named Senior Vice President and Chief Financial Officer
· Giovanna Cipriano named Vice President and Chief Accounting Officer
New York, NY, November 21, 2005 – Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, today announced that Robert W. McHugh has been named Senior Vice President and Chief Financial Officer. Mr. McHugh, presently the Company’s Vice President and Chief Accounting Officer, succeeds Bruce L. Hartman who has resigned from Foot Locker, Inc. and has accepted a position at another company. The Company also announced that it has promoted Giovanna Cipriano to the position of Vice President and Chief Accounting Officer.
Mr. McHugh will report to Matthew D. Serra, Chairman of the Board and Chief Executive Officer, and Ms. Cipriano will report to Mr. McHugh. Both management changes are effective immediately.
“We are pleased that the Company has the senior management depth to promote such strong financial executives from within and we fully expect this to be a seamless transition,” stated Mr. Serra. “The change does not reflect any disagreements over the Company’s financial reporting or accounting policies. Bob is a seasoned financial executive who has extensive experience in our Finance Department and has done an outstanding job in the accounting and tax functions. We are also pleased to be promoting Giovanna Cipriano, an executive with an extensive accounting background, to succeed Bob as our Vice President and Chief Accounting Officer. Giovanna has been instrumental in managing our Sarbanes-Oxley compliance and she is a key executive in the implementation of our financial controls.”
Mr. McHugh joined the Company in 1997 as Vice President – Taxation, and for the past six years has held the position of Vice President and Chief Accounting Officer. Prior to joining Foot Locker, Inc. he was a partner with KPMG. Mr. McHugh holds a BS degree from Duke University and is a Certified Public Accountant in New York, Connecticut and North Carolina.
Ms. Cipriano joined Foot Locker, Inc. in 1996 after having begun her career with KPMG. In 1998, she was promoted to Director of External Reporting and in 2002 promoted to Divisional Vice President, Financial Controller. Ms. Cipriano holds a BS degree in accounting from St. John’s University and is a Certified Public Accountant in New York.
Foot Locker, Inc. is a specialty athletic retailer that operates approximately 4,000 stores in 20 countries in North America, Europe and Australia. Through its Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker and Champs Sports retail stores, as well as its direct-to-customer channel Footlocker.com/Eastbay, the Company is the leading provider of athletic footwear and apparel.
Disclosure Regarding Forward-Looking Statements
This press release contains forward-looking statements, which reflect management’s current views of future events and financial performance. These forward-looking statements are based on many assumptions and factors detailed in the Company’s filings with the Securities and Exchange Commission, including the effects of currency fluctuations, customer demand, fashion trends, competitive market forces, uncertainties related to the effect of competitive products and pricing, customer acceptance of the Company’s merchandise mix and retail locations, the Company’s reliance on a few key vendors for a majority of its merchandise purchases (including a significant portion from one key vendor), unseasonable weather, risks associated with foreign global sourcing, including political instability, changes in import regulations, disruptions to transportation services and distribution, economic conditions worldwide, any changes in business, political and economic conditions due to the threat of future terrorist activities in the United States or in other parts of the world and related U.S. military action overseas and the ability of the Company to execute its business plans effectively with regard to each of its business units. Any changes in such assumptions or factors could produce significantly different results. The Company undertakes no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise.