US athletic apparel and footwear retailer The Finish Line has promoted its president, Sam Sato, as its new CEO.

Effective 28 February, Sato will replace Glenn Lyon, who will serve as executive chairman until the end of the calendar year. At the beginning of 2017, Lyon will transition to the role of non-executive chairman of the board. 

Sato, who joined The Finish Line in March 2007 as executive vice president and chief merchandising officer, has served as president since October 2014. 

Lyon said of the move: "I am confident Sam will lead Finish Line boldly into the future as he truly understands the importance of serving the customer in an omnichannel world." 

Separately, the company swung to a net loss during its third quarter, weighed down by disruption in its supply chain following the implementation of a new warehouse and order management system. 

The Finish Line also revealed it is to close up to 150 stores, or 25% of its store base, over the next four years. 

US Q3 in brief: Finish Line, Gymboree, Cherokee Global Brands, Men's Wearhouse