Most of Nike's executive team got "double-digit pay cuts" this year, a "reflection of a difficult year at the company," according to Jeff Manning of the Portland OREGONIAN. Nike Chair, President & CEO MARK PARKER "took the biggest hit," as his "total compensation fell" 71% from $47M in '16 to $13.8M this year. Nike Exec VP & CFO ANDREW CAMPION "saw his compensation decline" from $4.8M to $3.9M. Nike Brand President TREVOR EDWARDS went from $6.6M to $4.9M, while COO ERIC SPRUNK took home $4.4M, down from $6M. Manning notes Nike's "future orders in North America" declined 10% for FY '17. In June, it gave notice it would "lay off about 1,400 workers." Nike's executive pay packages are a "complex mix of salary, stock and option awards and incentive plan compensation." Most of the senior managers "saw their base salary go up slightly, though Parker's was flat." Details of the pay cuts were "included in Nike's annual proxy statement," which was released yesterday. The proxy came "two days after its annual report, which gave Nike watchers plenty of material to contemplate" (Portland OREGONIAN, 7/26). In Portland, Matthew Kish noted while Nike remains the industry leader, with a record $34.4B in FY '17 sales, its financial performance has "come up short of its lofty standards, as well as Wall Street's, in the past year." Nike will hold its annual shareholder meeting on Sept. 21 (BIZJOURNALS.com, 7/25).
