Foot Locker hires a new technology lead away from Target
August 3, 2015 11:14 AM
A former Target digital executive is trading his red shirt and khaki pants for a big promotion and referee stripes.
Pawan Verma has been named chief information officer for athletic apparel retailer Foot Locker Inc., where he will be responsible for heading up the retail chain’s technology and e-commerce initiatives. Verma joins Foot Locker from Target Corp., where he served as the retail chain’s vice president of digital technology. Foot Locker is No. 54 in the Internet Retailer 2015 Top 500 Guide; Target is No. 16.
Foot Locker is riding a wave of e-commerce momentum. The company reported online sales growth of nearly 50% during the fiscal first quarter of 2015 that ended May 2, with CEO Richard Johnson telling analysts at the time that Foot Locker’s buy online, ship from store option is going to be a critical growth driver.
"Foot Locker has set ambitious goals for our financial and operational performance for the next several years, and we recognize the vital importance that technological leadership will play in that success," Johnson said in a statement announcing Verma’s hiring.
Online sales have skyrocketed for Foot Locker over the past five years. Top500Guide.com data shows the retailer has gone from $375 million in sales in 2010 to an Internet Retailer-estimated $859.94 million in 2014, growing at an average of 18.06% per year.