Nike Digs in a Firm Market Foothold
While former Nike (NKE Quote) CEO William Perez flew one fateful day last November aboard the company's twin-jet Gulfstream V at an altitude of 20,000 feet, traders on the ground watched TV footage of the aircraft's malfunctioning landing gear and sold shares as the plane circled in the air for six hours.
Nike's stock dropped 1.4% before Perez eventually landed safely. The shares recovered the next day after Perez declared he was ready to fly again. But just two months later, Perez's employer made clear that his days of traveling on Nike's private jet had come to an end. This time, the stock has yet to stabilize.
The Beaverton, Ore., sneaker giant announced last week that Perez would be replaced after just one year on the job by Nike veteran Mark Parker. Nike's founder, Phil Knight, changed his mind about bringing in an outsider to succeed him, citing leadership differences. ...
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