Dick’s Sporting Goods closed its $2.4 billion acquisition of Foot Locker and announced a new team that will take over leadership of Foot Locker, Kids Foot Locker, Champs Sports, and atmos stores.
Dick’s Executive Chairman Ed Stack, who spearheaded the deal, will now lead the global Foot Locker businesses. He’ll work in partnership with two new presidents, one for North America and one for International, who will help accelerate Foot Locker’s turnaround, according to a news release. Ann Freeman, a former longtime Nike executive, has been appointed president of Foot Locker North America. Dick’s will appoint a president of Foot Locker international to lead its other regions.
“We are very enthusiastic about the future of Foot Locker,” Stack said in a statement. “The world class team we have assembled is committed to returning Foot Locker to its rightful place in our industry. We are committed to investing in and growing Foot Locker through its strong culture, led by the Stripers, and creating a more powerful experience for consumers.”
Foot Locker’s North American Team
In North America, Freeman will be supported by a Foot Locker management team of senior leaders:
- Tony Aversa is SVP and general manager, Foot Locker and Kids Foot Locker North America. He is a 30-year veteran of Foot Locker and served in leadership roles at Foot Locker, Kids Foot Locker, WSS, and, most recently, as GM of Champs Sports.
- Denise Karkos is SVP and GM, Champs Sports. Karkos is joining Foot Locker from Dick’s where she most recently served as SVP, chief ecommerce officer.
- George Jenkins is SVP, store operations and customer experience, Foot Locker North America. Jenkins has held various leadership roles within the Foot Locker stores organization and most recently served as VP, customer experience, North America.
- Peter Scaturro is SVP, chief financial officer, Foot Locker North America. Scaturro most recently served as SVP, strategic planning and growth for Foot Locker and has held several leadership roles across corporate finance, strategy, and customer service at the company.
- Steve Miller is SVP, chief operating officer, Foot Locker North America. Miller is a former Dick’s senior executive who led hardlines merchandising and, before that, strategy, ecommerce and analytics.
- Brett O’Brien is SVP, chief marketing officer, Foot Locker North America. O’Brien is joining Foot Locker from PepsiCo where he held various marketing leadership roles, including his most recent position as chief sports officer.
- Michael Keinath is SVP, chief people officer, Foot Locker North America. Keinath is joining Foot Locker from Dick’s where he held various leadership roles overseeing talent, organizational design and effectiveness, and culture initiatives.
“I am thrilled to join and lead Foot Locker North America at such a transformative moment,” Freeman said. “Together, we have an extraordinary opportunity to build on Foot Locker’s rich heritage and deliver innovative experiences to a variety of footwear consumers – from athletes to sneaker enthusiasts and everyone in between. I look forward to working with the talented Foot Locker team as we accelerate growth, enrich our brand partnerships and inspire the next generation of consumers.”
Results of the Acquisition
As a combined company, Dick’s will now operate more than 3,200 stores plus ecommerce and digital businesses across 20 countries in North America, Europe, Asia, and Australia, plus a licensed store presence in Europe, the Middle East, and Asia.
This expanded footprint will strengthen its relationships with key brand partners such as Nike, which is ramping up its wholesale efforts, with broader reach and enhanced visibility on a global level.
The transaction is expected to deliver between $100 million and $125 million in cost synergies in the medium term, primarily through procurement and direct sourcing efficiencies, according to the release. Dick’s anticipates the transaction will be accretive to EPS in fiscal 2026, excluding transaction and other one-time costs to achieve synergies. In the second quarter, Dick’s reported consolidated comparable store sales increased 5% to $3.65 billion, driven by growth in both average ticket and the number of transactions
“We are excited to officially welcome the Foot Locker team,” said Lauren Hobart, president and CEO of Dick’s. “Bringing together the strengths of both companies will help us return Foot Locker to growth while continuing to fuel Dick’s momentum. As a combined company, Dick’s and Foot Locker will create a global platform that will redefine the sports retail industry and unlock value for both companies, our brand partners, our teammates, our communities, and our shareholders.”
