Nike CEO Resigns; Former CEO Takes the Reins
Phil Knight steps down; Mark Parker takes over as CEO
Nike co-founder Phil Knight has stepped down as CEO of the athletic apparel giant, handing the reins to former CEO Mark Parker.
Knight, 77, has been with Nike since its founding in 1964. He has served as CEO since 1988.
Parker, 61, has been with Nike since 1979. He served as CEO from 2006 to 2020, when he was replaced by John Donahoe.
Nike's challenges
Nike has been facing a number of challenges in recent years, including:
- Increased competition from Adidas and other athletic apparel brands
- Declining sales in China
- A series of scandals, including allegations of workplace misconduct and environmental pollution
Parker's goals
Parker has said that his goals as CEO are to:
- Accelerate Nike's digital transformation
- Expand Nike's global reach
- Improve Nike's sustainability practices
Analysts' reactions
Analysts have mixed reactions to Parker's appointment as CEO. Some believe that he is the right person to lead Nike through its current challenges.
Others are concerned that Parker is too close to Knight and will not be able to bring about the necessary changes at Nike.
Time will tell
Only time will tell whether Parker will be able to successfully lead Nike through its current challenges.
However, his experience and track record of success at Nike suggest that he is up to the task.
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