Nike (NKE) - Get NIKE, Inc. (NKE) Report CEO Mark Parker will take a 71% pay cut this year, making a total of $13.9 million, primarily predicated on stock and option benefits, according to regulatory filings.
Last year Parker made $47.6 million and was one of the highest paid executives in the country.
The athletic retailer also slashed the pay for its other top executives.
The shifts in executive pay come just a month after Nike said it would lay off 1,000 workers to combat weaker U.S. sales and increased competition.
Nevertheless, Nike's stock has performed solidly, up nearly 16% year to date. Shares, however, were in the red during Wednesday morning trading.
Watch More With TheStreet:
- Sorry Zuckerberg, Elon Musk Still Thinks Artificial Intelligence Is a Huge Problem
- Gold Will Make a Comeback; Dollar Rally is Over - Peter Schiff
- Just How 'Unlimited' is Your Unlimited Data Plan?
- How Birchbox Took on Macy's, J.C. Penney and the $500 Billion Beauty Counter