PROBLEMS AT NIKE “..reports of “behavior occurring within our organization that do not reflect our core values of inclusivity” By Todd Horwitz, Bubba Trading

 

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PROBLEMS AT NIKE

What’s Next for Nike?

Nike Inc. said it had received complaints about inappropriate workplace behavior and that its No. 2 executive has resigned, setting off a management shuffle at the sportswear giant. The company said Trevor Edwards, Nike brand president and a potential successor to Chief Executive Mark Parker, will leave his position immediately and retire from the company in August.

In an internal memo to staff announcing the departure, Mr. Parker disclosed that the company in recent weeks had received reports of “behavior occurring within our organization that do not reflect our core values of inclusivity, respect and empowerment.” “We’ve heard from strong and courageous employees,” he wrote in the memo, which was reviewed by The Wall Street Journal. Mr. Parker didn’t specify the nature of the complaints or whether they involved Mr. Edwards or other executives. A Nike spokesperson said there were no allegations against Mr. Edwards and declined to provide details.

Elliot Hill, Nike’s president of geographies and integrated marketplace, will be promoted to the role of president of consumer and marketplace. It is unclear whether the company will seek to fill Edwards’ position, and Parker himself will remain in his role until at least 2020.

Beyond the Edwards resignation and Hill’s promotion, Parker wrote that veteran Michael Spillane will continue to lead the company’s categories, design, product, and merchandising work in the president of product and merchandising role, with Hill handling all marketing, geographies, Nike Direct, global sales, and all things Jordan Brand. Both Hill and Spillane report directly to Parker.

Parker then thanked Edwards for his “significant contributions to Nike over the last 25 years” and announced that he himself is “committed to serve as chair, president and CEO for Nike beyond 2020.”

The note concluded: “I am determined to make the necessary changes so that our culture and our company can evolve and grow. We all want to create an environment where everyone can thrive and contribute to our shared success.”

Keep those stops tight
Todd “Bubba” Horwitz

IN ASSOCIATION WITH

Financial & Political Commentary

 

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About the author

Todd Horwitz - Author of “Average Joe Options“. Todd began his trading career in 1980 at the CBOE. He was one of the original traders in the OEX & helped start the SPX. He is a member the CME where he trades S&P futures as well as foreign currencies & is a regular contributor to CNBC, Bloomberg, BNN, Fox & many other major news networks.