Crist|Kolder Associates Recruits CFO for Foot Locker
March 31, 2021 – Crist|Kolder Associates recently assisted in the placement of Andrew E. Page as the new chief financial officer of New York-based specialty athletic retailer Foot Locker. The previous CFO, Lauren B. Peters, is retiring. “We are pleased to welcome Andrew as Foot Locker’s next CFO,” said Richard Johnson, chairman and CEO. “Andrew has a track record of successfully leading finance functions, while optimizing enterprise growth, overseeing digital finance transformation, and driving strong financial and operational results.”
“As we look towards the future and to deliver on our purpose to inspire and empower youth culture, Andrew’s fresh perspective and capabilities will contribute to our focus on delivering profitable growth for our shareholders,” Mr. Johnson said. “He’s a great addition to our dynamic and diverse leadership team – with keen insight and a vision on the market and our industry at large that complements our already high-performing operation.”
Mr. Page brings nearly 30 years of experience, including leading finance matters at the executive level within Fortune 500 organizations. Most recently, he served as senior vice president, chief accounting officer and controller at Advance Auto Parts, where he oversaw all accounting, tax, internal controls and external financial reporting, and had responsibilities for the implementation of the global cloud solution of the organization’s new ERP system. Previously, Mr. Page served as SVP and chief accounting officer at sports equipment company Under Armour, where he managed all accounting functions globally. Earlier in his career, he held finance roles at FTI Consulting, AES Corp., General Electric’s consumer and industrial division, and Discovery Communications. He began his career in public accounting working at both Ernst & Young and PricewaterhouseCoopers.
Mr. Page will report directly to Mr. Johnson and will oversee Foot Locker’s accounting, financial planning and analysis, investor relations, treasury, tax, internal audit and risk management functions. He will be expected to work closely with the executive team to advance Foot Locker’s long-term strategies to position the company for continued growth, profitability and value creation.
“I am thrilled to join this incredible team with a proud history at such a pivotal time,” Mr. Page said. “I look forward to working closely with Dick and the rest of Foot Locker’s leadership team to help shape the company’s future in our next stage of growth. Together, we are committed to leading a bold agenda that creates meaningful customer experiences and delivers value for shareholders and all stakeholders.”
Foot Locker has about 3,000 retail stores in 27 countries across North America, Europe, Asia, Australia and New Zealand, as well as websites and mobile apps. The company has fared well during the COVID-19 pandemic, reporting third quarter 2020 net income of $265 million, or $2.52 per share, compared to net income of $125 million, or $1.16 per share in the corresponding prior-year period. Third quarter comparable-store sales increased by 7.7 percent. Total third quarter sales increased 9.0 percent, to $2,106 million, compared to sales of $1,932 million for the year before.
Crist|Kolder Associates focuses on CEO, CFO, COO, board of director and succession search for a broad range of industries. The firm has filled line management and board positions for more than 100 clients relying on what it calls “the intellectual capital” of its senior partners and professional team. The firm has worked with clients such as Eastman Kodak Company, CVS Corp., Ecolab Inc., Whirlpool Corp., the St. Paul Companies, Wm. Wrigley Jr. Co., among others.
New Pressures on CFOs
Immediate concerns around cash flow, liquidity and the bottom line are taking precedence at many companies due to continued fallout from the pandemic. But there are high-value lessons emerging from the current health and economic crisis that chief financial officers should bear in mind, according to recruiters specializing in finding talent for finance functional roles.
Executive Search Review Special Issue: Financial Services Recruiting
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The COVID-19 crisis has thrust CFOs into the spotlight as never before, they report, while the pandemic itself has also created a business environment in which CFOs are uniquely positioned to drive business value during the recovery phase, which is expected to come in 2021 and 2022.
All too many companies today are desperate to get as much cash on their balance sheets as possible in order to ride out the storm of COVID-19, say recruiters. Bottom-line pressures are forcing many businesses to shift their forecasting strategies, explore new products and services — or even expand into alternative sales and delivery channels. The best CFOs are spearheading that effort.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media
