N E W S R E L E A S E
Vice President, Treasurer and Investor Relations
Foot Locker, Inc.
FOOT LOCKER, INC. ELECTS MATTHEW D. SERRA CHAIRMAN OF THE BOARD
n Serra Continues as President and Chief Executive Officer
n J. Carter Bacot Designated as Lead Director of Board
NEW YORK, NY, November 19, 2003 – Foot Locker, Inc. (NYSE: FL) today announced that its Board of Directors has elected Matthew D. Serra Chairman of the Board, effective February 1, 2004. Mr. Serra will continue to serve as the Company’s President and Chief Executive Officer. J. Carter Bacot, who was the Company’s non-executive Chairman of the Board since March 2001, will remain a member of its Board of Directors and has been designated by the Board as its lead director when Mr. Serra becomes Chairman.
“The Board of Directors is pleased to have named Matt Serra as Chairman of the Board of Foot Locker, Inc.,” said Mr. Bacot. “Matt has done an outstanding job in strengthening our business over the past several years, while strategically positioning the Company for future growth. Mr. Serra has also developed a strong management team that is highly experienced and well qualified to continue to deliver increased value to our shareholders.”
“On behalf of the Board of Directors, I would like to thank Mr. Bacot for his dedicated service as the Company’s non-executive Chairman” said Mr. Serra. “His leadership and guidance played an important role during the past several years as Foot Locker, Inc. significantly increased its profitability and strengthened its balance sheet. Additionally, Mr. Bacot has been an important advisor to our Company in matters of corporate governance. We appreciate Carter’s continuing commitment to our Company and look forward to his ongoing contributions as a member of our Board and as the Board’s lead director.”
Mr. Serra, age 59, was named President and Chief Executive Officer of the Company in March 2001 and has been a member of its Board of Directors since April 2000. He was named President and Chief Operating Officer of the Company in February 2000 and served as President and Chief Executive Officer of the Foot Locker Worldwide division from 1998 to 2000. Prior to joining Foot Locker, Inc. in 1998, Mr. Serra served as Chairman and Chief Executive Officer of Sterns, a division of Federated Department Stores, Inc., from 1993 to 1998.
Mr. Bacot served as Chairman of the Board and Chief Executive Officer of The Bank of New York Company, Inc. from 1982 to 1997, and as its Chairman of the Board until February 1998. In addition to serving as a director of The Bank of New York Company, Inc. and Foot Locker, Inc., he is a trustee of Atlantic Mutual Insurance Company and a director of its subsidiaries, and a director of NVR, Inc.
Foot Locker, Inc. is a specialty athletic retailer that operates approximately 3,600 stores in 16 countries in North America, Europe and Australia. Through its Foot Locker, 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 and the presence of severe acute respiratory syndrome, 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, including its plans for the marquee and launch footwear component of its business. 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.