The former EVP of Finance & Treasurer at U.S. retail company Kohl’s, Michael Baughn, will be the new chief financial officer at Foot Locker. The sneaker retailer made the announcement Friday in a filing with the Securities and Exchange Commission. He will take over the post on June 12. Current interim CFO Robert Higginbotham will continue as the company’s SVP, investor relations and financial planning and analysis. Higginbotham will end his tenure as interim CFO on June 11, having assumed the post in early March following the departure of the previous CFO, Andrew Page.
The CFO swap occurs as Foot Locker settles in under new executive management, with Mary Dillon taking on the CEO role in September when previous CEO Richard Johnson leaves the company for retirement.
Baughn will take over the company’s financial leadership, which has struggled with revenue declines. Disappointing first-quarter results prompted the retailer to lower its 2023 sales and profit forecast. Foot Locker now expects sales to decline 6.5 to 8 percent in 2023, according to updated guidance released Friday during its Q1 earnings conference call, down from its previous forecast of a 3.5 to 5.5 percent decline. More details on Foot Locker’s results can be found in our separate article.
