Key events at Nike under CEO John Donahoe
Sept 10 (Reuters) -Nike NKE.N will hold its annual meeting virtually on Tuesday and a key issue to be voted on will be a workers' rights agreement, putting the spotlight on its CEO John Donahoe who is under pressure to reverse a long sales slump at the sportswear giant.
Nike has lost about a quarter of its stock-market value this year. Shares of rivals Adidas ADSGn.DE, Hoka owner Deckers DECK.N and On Holding ONON.N have risen 16%, 33% and 65% respectively in the same period.
Donahoe began his stint as CEO in 2020 with a plan to drastically grow e-commerce and to boost sales at its roughly 1,000 Nike stores. But Nike forecast a drop in its fiscal 2025 sales following at least four consecutive quarters of poor sales.
Here are some other major events for Nike on Donahoe's watch:
Oct. 22, 2019 | Nike named Donahoe, a former eBay chief executive officer, as its new CEO, effective Jan. 13, 2020, replacing long-time chief Mark Parker. |
June 25, 2020 | Nike swung to a quarterly loss for the first time in two years. Donahoe laid out Nike's long term plan for its digital channel to account for 50% of its overall business.
He said it now focused on giving consumers "a more premium shopping experience" at Nike.com and Nike stores. |
June 26, 2020 | Nike warns of jobs cuts. |
July 24, 2020 | Donahoe's pay was about $53.5 million, according to a filing. |
Dec 13, 2021 | Nike bought virtual sneaker company RTFKT for an undisclosed sum, in what Donahoe said was a key step in Nike's digital transformation. |
March 21, 2022 | Revenue from Nike's mobile app was up more than 50% in the third quarter. "Growing participation in new digital platforms" gave Nike "innovative ways to connect with consumers, letting them unlock virtual experiences, products and rewards," Donahoe said. |
June 23, 2022 | Four months after Russia invaded Ukraine, and two months after rival Puma PUMG.DE suspended operation of all its stores in response to Moscow's invasion, Nike said it would exit Russia. Rival Adidas ADSGn.DE said in October 2022 that it had decided to permanently halt business in Russia. |
Dec 20, 2022 | Nike reported record digital results, as well as strong store traffic with COVID restrictions lifting. "We directly connect with the consumer no matter where they shop," Donahoe said, referring to its direct sales. |
June 29, 2023 | Nike warned of a weak start to fiscal 2024 as shoppers in the U.S. turned cautious. "We'll continue to expand our marketplace strategy to ... drive growth," Donahoe said. |
Dec 21, 2023 | Nike cut the number of Nike products in a $2 billion cost savings program due to weak sales across its channels. CFO Matthew Friend said Nike's direct-to-consumer focus had "added complexity and inefficiency." |
Feb 15, 2024 | Nike cuts about 2% of its total workforce of about 80,000 employees to lower expenses. |
March 21, 2024 | Donahoe said Nike must "lean in" with its retail partners. It also warned of weak sales in first half of fiscal 2025. |
June 27, 2024 | Nike forecast a surprise drop in sales for fiscal 2025, which Donahoe said would be a "transition year" as digital sales tanked. |
June 28, 2024 | Nike's stock tumbles to its worst day ever, wiping out $28.41 billion from its market valuation. |
July 25, 2024 | Donahoe's annual compensation was $29.2 million, according to a filing. |
Aug. 14, 2024 | Billionaire investor William Ackman built new stakes in Nike. Other shareholders and at several Wall Street analysts begin to speculate about the possibility of executive changes. |
Investor pressure on Nike builds over garment workers' rights nL8N3KN0WE
Nike stock plunges as gloomy sales forecast fans growth concerns nL8N3IQ0DY
Nike forecasts surprise revenue fall as upstarts steal marketshare; stock dives nL4N3IP1L1
Nike plots $100-and-less sneakers to lure price-conscious shoppers (June 28) nL1N3IQ0ML
Reporting by Anuja Bharat Mistry, Juveria Tabassum and Aishwarya Venugopal in Bengaluru
Editing by Nick Zieminski
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
