Nike keeps the pace
Nike rose after the athletic gear maker’s third-quarter earnings easily beat Wall Street forecasts, despite a $2 billion tax charge that gave the Beaverton, Oregon company its first loss in 20 years.
Speaking on a conference call with investors, CEO Mark Parker addressed the upcoming departures of high-level executives including brand president Trevor Edwards, who’d once been seen as a possible future CEO. Parker acknowledged problems with Nike’s culture, but didn’t say why Edwards is leaving. The Wall Street Journal reported Nike had received complaints about inappropriate workplace behavior.
The leadership shakeup comes at a time Nike is trying to increase sales in North America, its biggest market. Nike is facing tougher competition in the region, especially from German sneaker company Adidas, whose sales have been rising in North America. Nike rose 0.3 percent to $64.63.