Nike executive is slated to receive RM2 million payout
THE NIKE executive who resigned last week amid a company-wide internal review of inappropriate behavior is poised to leave with a US$ 525,000 ( RM2 million) payout.
Trevor Edwards, 55, the former president of the Nike brand and a one-time candidate to become the next chief executive officer, will officially depart in August after a stint as an adviser to Chief Executive Officer Mark Parker. At that point, a noncompete agreement kicks in that will pay Edwards the US$ 525,000 over the next year in monthly installments, according to regulatory filings.
Nike cast a cloud over Edwards’ exit by saying it was reviewing misconduct at the world’s largest athletic brand. One of his top lieutenants, Jayme Martin, also left the company abruptly last week. Still, Nike didn’t link the behaviour to either executive.
Edwards will also have about US$ 9 million of unvested stock awards at the end of his employment, based on Nike’s closing price on Friday. At retirement, this kind of compensation usually gets cashed out or keeps vesting. But Nike’s filing doesn’t make this clear, and the company declined to answer questions about Edwards’s compensation.
Nike has repeatedly said there were no direct allegations of improper behaviour against Edwards. The executive wasn’t available for comment, according to the company.