Foot Locker Taps Neil Bansal as First Chief Strategy and Transformation Officer
Foot Locker has tapped Neil Bansal as the company’s EVP and chief strategy and transformation officer, effective June 1.
The executive joins Foot Locker from wine and spirits producer and marketer Constellation Brands, where he most recently served as SVP of strategy, insights and analytics. Altogether, Bansal joins the footwear retailer with over 20 years of experience in the corporate strategy and the consumer space.
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In this newly. created role, Bansal will report to CEO and chairman Richard Johnson and will manage Foot Locker’s global transformation strategy, focusing on customers, growth and innovation.
“We are pleased to welcome Neil as Foot Locker, Inc.’s first chief strategy and transformation officer,” said Johnson. “Neil has an exceptional track record of successfully accelerating revenue growth, and profitability by focusing on strategy, innovation, corporate development, and digital transformation.”
In addition to his stint at Constellation Brands, Bansal held roles at companies such as McKinsey & Company, BNP Paribas, JP Morgan Chase, Citigroup and Bank of America. He holds an MBA from the University of Chicago Booth School of Business and a BA in Economics from Brown University.
“I am thrilled to join Foot Locker, Inc., and I look forward to working closely with Dick and the executive leadership team to help shape the Company’s future and fuel the next wave of growth and innovation,” Bansal said in a statement. ” ogether, we are committed to driving and evolving the business against a dynamic backdrop as we continue to meet our customers’ demand for choice.”
The appointment comes shortly after Foot Locker Inc. reported that W. Scott Martin, EVP and chief strategy and corporate development officer, had left his role on May 24. In a regulatory filing on May 27, Foot Locker said the executive’s departure “constitutes a termination without cause” and did not give a reason for him leaving.
Foot Locker last month reported that total sales in Q1 increased 1% to $2.18 billion. Comparable-store sales dropped 1.9%. Despite this drop, the company beat earnings expectations with earnings per share of $1.37 and Non-GAAP earnings per share of $1.60.
In addition to its plan to diversify its product assortment beyond Nike, Foot Locker is banking on a strategic store reimagining plan that focuses on connecting to local consumers.
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