Foot Locker said in an 8-K filed with the Securities and Exchange Commission today that it has terminated Mina’s employment as of Oct. 31 and that it had requested Mina resign from his position effective yesterday.
Outside sources said there are no plans to replace Mina, who has worked for Foot Locker off and on for nearly 30 years. Mina’s most recent employment agreement, which was renewed in April, was to last through Jan. 30, 2010. He received an annual base salary of $868,750 in fiscal 2007 and a total pay package worth $2.5 million.
According to the internal memo released by Foot Locker Inc. Chairman and CEO Matt Serra today, Mina’s direct reports — Keith Daly, president and CEO of Foot Locker U.S., Kids Foot Locker and Footaction; and Marla Anderson, president and CEO of Lady Foot Locker — will now report directly to Serra. Daly, however, has been reporting to Serra for some time, sources said.
The memo also said Ron Halls, president and CEO of Foot Locker International, has assumed additional responsibility for Champs Sports.
According to Foot Locker’s latest annual report, Mina stands to receive a hefty pay out from Foot Locker depending on the reason for his termination, which is as yet unclear. According to the report, whether he is terminated by the company without cause or for good reason, he would receive $3 million. If he resigns before the end of his term, he would receive $1.4 million.
Mina has a two-year, non-compete agreement with Foot Locker.