Nike Just Handed CEO Mark Parker 30 Million For 5 Years
A few weeks after Phil Knight steps down as CEO, Nike hands Mark Parker a contract to stay for another 5 years, worth $30 Million. I guess everybody getting some nice paydays this summer.
With Nike locking down on their CEO and their business plans for the upcoming years, it looks as if Nike has a whole lot of confidence going forward with new CEO Mark Parker. Prior to the huge pay day, Parker stock was almost 10 times less than his average annual share grant – which is estimated to be valued at $3.5 million USD each for the past three years. On top of that Parker reached his 35th year with the company, meaning that he’ll be reimbursed an extra $10K. Nike dishes out bonuses worth $10k for employees who reach their 30th year with the company, followed by another $10k bonus for every 5 years after the 30th.
Park first earned his stripes with Nike as a shoe designer and from there on out he advanced with each critical year before earning the CEO title in ’06. Parker will own the responsibility to lead the dominating sporting goods retailer in conjunction with the advancing development of it’s competitors.
Now that Parker has got the racks, it’ll be interesting to see where the powerhouse sports label goes once Phil Knight officially retires.