Foot Locker Inc.
hired an accounting executive from
Advance Auto Parts Inc.
to manage its finances as the specialty retailer’s current finance chief plans to retire.
will join Foot Locker as chief financial officer on April 12, succeeding current CFO
who has been in the role since 2011, the New York-based company said Thursday.
Mr. Page has served as chief accounting officer and controller at the Raleigh, N.C.-based auto parts retailer since 2019. Before joining Advance Auto Parts, he was the chief accounting officer at athletic wear company
Under Armour Inc.
Mr. Page will be stepping into his new role as Foot Locker continues to navigate the effects of the coronavirus pandemic. Foot Locker said last month that approximately 10% of its total store fleet is temporarily closed due to pandemic-related restrictions, weighing on its results. The company operated 2,998 stores in 28 countries as of Jan. 30, down 4% from a year earlier.
Net income for the fiscal year ended Jan. 30 was $323 million, down 34% from a year before. The company generated $7.55 billion from sales, or 5.7% less than a year earlier.
A key challenge facing Mr. Page will be negotiating store leases and looking for potential cost savings, said Janine Stichter, a senior vice president at investment firm
Foot Locker has selectively pared back real estate over the past year, she said.
Mr. Page will also bring fresh eyes to the company’s finances, Ms. Stichter said, pointing to the long tenure of his predecessor Ms. Peters, who worked at the company for over two decades, including roughly 10 years as CFO. “Anytime you have someone there for that long, bringing in someone new who can take a fresh look at things is helpful,” Ms. Stichter said.
“Andrew’s fresh perspective and capabilities will contribute to our focus on delivering profitable growth for our shareholders,”
the company’s chairman and chief executive, said in a release. Foot Locker declined to comment beyond the announcement.
Advance Auto Parts said it has begun a search for a new chief accounting officer following Mr. Page’s departure.
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