Sign in Subscribe
Chairpersons

Footstar Emerges from Chapter 11 with New Board of Directors and Leadership

Strategic Insights

— 1 min read

Footstar, Inc., a discount footwear retailer, has emerged from its Chapter 11 reorganization and announced a new nine-member Board of Directors. The company has appointed Jeffrey A. Shepard as President and Chief Executive Officer, bringing 35 years of footwear experience to the role. Shepard will lead the company alongside a talented and experienced Board, which includes industry veterans and experts in retail, finance, and strategy. The new Board members bring a wealth of knowledge and expertise to help Footstar focus on its business and drive growth.

Key Takeaways:

  • Footstar has emerged from its Chapter 11 reorganization with a new nine-member Board of Directors.
  • Jeffrey A. Shepard has been appointed as President and Chief Executive Officer, bringing 35 years of footwear experience.
  • The new Board includes industry veterans and experts in retail, finance, and strategy.
  • Alan Kelly serves as Chairman of the Audit Committee, Eugene I. Davis and Alan I. Weinstein as members.
  • Jonathan M. Couchman chairs the Corporate Governance Committee, with Adam W. Finerman and Gerald F. Kelly as members.
  • Michael O'Hara chairs the Compensation Committee, with Jonathan M. Couchman and George A. Sywassink as members.
  • Shepard joins the company from Meldisco, where he served as President and Chief Executive Officer.
  • Shepard has also held positions with Payless ShoeSource, Pic N Pay, and Thom McAn.
  • Footstar operates Meldisco licensed footwear departments nationwide in Kmart and Rite Aid Stores.
  • The company distributes its own Thom McAn brand of quality leather footwear.

Statistics:

  • 35 years: Jeffrey A. Shepard's experience in the footwear industry.
  • 9: Number of members on the new Board of Directors.
  • 4.75%: Restriction on stock ownership in Footstar's corporate charter.
  • $300 million: Annual revenue of Pic N Pay under Shepard's leadership.
  • 1971: Year Shepard began his retailing career with Thom McAn.
  • 2005: Year Shepard was elected as a Director of Footstar.
  • February 6, 2006: Date of Footstar's emergence from Chapter 11 reorganization.

Sources:

  • "Footstar Elects New Board Members and Names Jeffrey A. Shepard as CEO" (no publication date mentioned).
  • Corporate press release (no publication date mentioned).

Read more