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Nike shakes up its executive team, announces job cuts

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Nike President and Chief Executive Officer John Donahoe

Source: Nike

Nike on Wednesday announced a number of leadership changes as well as job cuts, in an effort to focus on its digital business and selling more directly to customers as the coronavirus pandemic shifts buying habits. 

The company said the changes it is making will lead to a “net loss of jobs across the company,” which will result in pretax, one-time employee termination costs of roughly $200 million to $250 million. As of May 31, 2019, Nike had approximately 76,700 employees worldwide, according to its annual report. 

A spokeswoman declined to tell CNBC exactly how many jobs will be affected but insisted that this is…



Source cnbc.com

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