Nike to ax jobs, shuffle leadership overseas

[Geee]

NY Post

Nike said Wednesday it’s cutting jobs and shuffling its executive ranks as the sports apparel giant shifts more of its focus to digital sales versus brick-and-mortar retail outlets, which have taken a beating amid the coronavirus pandemic.

Nike didn’t specify how many of its 76,700 employees worldwide will get the ax, but disclosed on its website that the cuts will result in a pretax charge of $200 million to $250 million.

A spokeswoman for the maker of Air Jordan and LeBron 17 Graffiti shoes portrayed the cuts as a reallocation of resources rather than a reduction in costs, CNBC reported Wednesday.

Overseas C-suite changes will affect Nike management in Europe, the Middle East, Africa, the Asian Pacific region and Latin America, according to Nike president and CEO John Donahoe.

[Valin]

Gosh I hope this doesn't affect his paycheck!