Nike Shakeup Fuels Speculation Over CEO Succession Plans
Executive changes at sportswear powerhouse Nike have observers murmuring about potential successors for CEO Mark Parker, Bloomberg reports. While the 60-year-old Parker has not indicated plans to leave Nike, the recent promotion of China chief Michael Spillane to president of product and merchandising (Spillane’s fifth promotion in nine years) appears to put him in the running to take over the company when Parker does eventually step down. The other contenders are COO Eric Sprunk and brand president Trevor Edwards, who’s widely seen as the favorite. The speculation comes amid investor worries about Nike, whose stock has tumbled 14% of late in the face of currency fluctuations (exacerbated by the U.K.’s recent “Brexit” vote to leave the European Union) as well as a resurgence by German rival Adidas. Read more at Retail Dive.
