Nike Edges Higher as New CEO Shuffles Management

Nike makes changes in its executive ranks.
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Nike  (NKE) - Get Report edged higher Wednesday after the athletic apparel giant said it was making changes in its executive ranks, a month after new CEO John Donahoe took the helm of the company.

Andy Campion, chief financial officer since 2015, was named chief operating officer, and Matthew Friend will take over as financial chief.

Heidi O'Neill, who has been with Nike for 21 years, will lead the company's consumer business. She will lead the Nike brand’s four geographic operating regions: North America; Europe, Middle East and Africa; Greater China; and Asia Pacific and Latin America. She also will lead the company's global sales and Nike Direct groups.

The executives will begin their new roles on April 1.

“Heidi and Andy’s leadership has been instrumental in both evolving and driving Nike’s strategy over the last decade,” said Donahoe. "In their new roles, we will see them have even greater impact on Nike’s success in the future. Matthew brings more than 10 years of Nike experience to the CFO role and will be a great addition to our executive leadership team.”

Eric Sprunk, Nike's operating chief since 2013, and Elliot Hill, president of consumer and marketplace, will be leaving the company later this year.

Donahoe, who came to Nike from ServiceNow and eBay, said the leadership changes "set up the company for continued growth and demonstrate the strength of the Nike management bench."

Donahoe took over from Mark Parker, who had been Nike's CEO since 2006. Parker now serves as executive chairman of the board. 

Nike shares rose 0.49% to $102.50 in premarket trading Wednesday. The stock has risen less than 1% so far in 2020, and has gained 20.6% over the past 52 weeks.