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Sullivan joined the shoe company as president in 2004 and was named chief operating officer in 2006, CEO in 2011 and chairman of the board of directors in 2014. During her tenure, the company acquired such brands as Allen Edmonds, Sam Edelman and Vionic and increased its earnings per share six-fold, according to a statement.

Company profits in 2021 were higher than they had been in decades. Online sales and new distribution centers helped push net earnings to $137 million, or $3.56 in earnings per share.

The strong year helped to more than triple Sullivan's compensation for 2021, to $10.2 million. About one-third of that amount came from a bonus for exceeding profit targets.

Sullivan will continue at the company as executive chairman.

"Diane’s extraordinary vision for our company and unwavering belief in the power of our people and brands led to the transformation of the earnings power of the organization," said Schmidt in the company's announcement.

Schmidt was named president in 2020 after serving as division president for the Caleres Brand Portfolio. He has worked for more than 25 years at a number of national retail clothing chains.

Caleres was formed in 1878 as Bryan, Brown and Co. in downtown St. Louis. In 1893 it changed its name to the Brown Shoe Co. and became nationally known for its Buster Brown shoes.

After a couple of later name changes, it was rebranded once again as Caleres in 2015.

The corporation's brands now include Naturalizer, Dr. Scholl's Shoes, LifeStride, Vince, Franco Sarto, Circus by Sam Edelman and Ryka. The company also owns the Famous Footwear chain of shoe stores.

Caleres stock dropped 0.66% Monday to $26.89.