Sullivan has served as CEO of Caleres for more than a decade. She will be succeeded by Jay Schmidt, current President of the company, and will assume the role of Executive Chairman.

She said: “It has been an honour to serve as Caleres’ chief executive officer over the course of the past 11 years. While I am ready to hand over the reins as CEO, I am thrilled about the opportunity to continue to work with the board and the Caleres leadership team in this new capacity.”

Sullivan joined Caleres as President in 2004 and took on the additional responsibilities of COO in 2006. Elected to the Board of Directors in 2007, she was then named President and CEO in 2011. She became CEO, President and Chairman of the Board in 2014.