Nike is "trying to stem an exodus of executives to
other companies" by giving 18 top execs restricted stock
grants for the "first time in company history," according to
Andy Dworkin of the Portland OREGONIAN. Company proxy
statements filed with the SEC show that three of Nike's
highest paid execs "received stock grants totaling $4.5
million." In addition, Dworkin reported that the company
also "significantly increased" the amount of bonus pay
senior execs can receive next year. While the amount was
undisclosed, the proxy showed that the top five execs
received bonuses totaling $5.47M in FY 2000, ended May 31.
Nike Communications Manager Corby Casler, on the stock
grants: "It's just a matter of wanting to be more
competitive." The restricted stock grant offers Nike execs
"shares of stock outright" after a three year vesting
period. The proxy also shows that in March, the company
awarded 162,528 restricted shares at $27.68 a share. Nike
President of New Business Tom Clarke received $2M worth of
restricted shares, VP/Footwear Mark Parker received $1.5M
worth and VP/Asia-Pacific Gary DeStefano received $1M worth
of shares (Portland OREGONIAN, 8/19).
