Alan H. Cohen, co-founder and former CEO of The Finish Line Inc., announced Thursday that he plans to retire as chairman of the Indianapolis-based retail chain on July 22.
Glenn Lyon will succeed Cohen as chairman while retaining his position as CEO.
“It's been 34 years since I co-founded our first athletic specialty store, and I have had a wonderful experience building and growing this company," Cohen said in a prepared statement.
Cohen, 63, served as The Finish Line’s CEO from 1982 to 2008. He has been chairman since 1982.
Cohen practiced law from 1973-1981. During that time, he co-founded franchisee owner Athletic Enterprises Inc., a predecessor to The Finish Line. The Finish Line was started in 1981 and went public in 1992.
Lyon, 59, has 37 years of experience in the retail industry, including eight with The Finish Line. He’s the former CEO of Paul Harris Stores Inc.
The Finish Line is one of the nation’s largest mall-based specialty retailers with 667 stores in 47 states. The company earned $51 million on revenue of $1.17 billion in its latest fiscal year.
Finish Line shares were up 43 cents Thursday morning, to $15.92 each.