New Nike Inc chief executive officer John Donahoe announced Tuesday a revamp in the top management, including new bosses for the finance and operations office. The sportswear giant also appointed Heidi O'Neill as president of consumer and marketplace, one of Nike's top positions.
Andy Campion, the incumbent executive vice president, and chief financial officer will fill the position of Eric Sprunk as chief operations officer effective April 1, Nike disclosed in a statement, adding that Sprunk will exit the company.
Nike Inc (NYSE: NKE) stated that Matthew Friend, its current chief financial officer, and vice president of investor and client relations will take the post as new CFO.
In December, Nike posted quarterly profits and sales ahead of Wall Street projections. The athletic wear company has surpassed earnings expectations 14 of the last 20 quarters and sales estimates 19 of the past 20 quarters. Donahoe was appointed as chief executive officer on January 13.
Shares of the company were up just under 1 percent in extended trading Tuesday following news of the management shuffle. Nike currently has a market value of almost $160 billion, and its stock has risen over 20 percent in the last year.
In a media release, Donahoe said that he is delighted to announce a series of leadership transformation that sets up Nike for continued growth. "I am happy to show the strength of the company's management bench," Donahoe said.
The leadership of Andy and Heidi "has been very instrumental" in evolving and driving Nike's strategy in the last 10 years, Donahoe noted.
In their new positions, Donahoe said the company will see them have an "even greater influence on the company's success in the coming years."
As part of the company's announcements, Nike Direct president O'Neill will take the post of president of consumer and marketplace starting April 1. O'Neill will replace Elliott Hill, who will part ways with the company, Nike said.
The company's stock was flat during the after-hours session within an hour of the announcement. "This is not a surprise," said Edward Jones top research analyst Brian Yarbrough. "We normally witness this especially when a new CEO is appointed," he said.
Nike Inc., headquartered near Beaverton, Oregon, is the world's premier manufacturer, marketer, and distributor of genuine athletic footwear, apparel, and accessories for a wide range of athletic and fitness activities.
Converse, a wholly-owned Nike, Inc. subsidiary brand, designs, markets and distributes sports and lifestyle footwear, and apparel globally.
