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Nike (NKE) - Get Nike Inc. 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. 

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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.

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