Nike executive, Andrew Campion, announces departure following a 17-year tenure.
Let's Dish
Andy frickin' Campion, Nike's boss of cutting-edge business ventures, is calling it quits on April 5, as per a SEC filing that dropped like a bomb on a Friday.
Campion climbed up Nike's ranks like a boss, ending up in his recently-acquired role back in May as part of a series of executive shake-ups. As the mastermind behind Nike's future ventures, he aimed for the moon, zeroing in on new opportunities and overseeing Nike Virtual Studios.
Campion's CV's no joke. Before his current gig, he served as the company's COO for four years. Before that, he held the reins as the CFO for five years. According to LinkedIn, Campion hopped on Nike's bandwagon in 2007 as VP of global strategic planning, global business planning, and market intelligence.
With Camp' leaving Nike, he'll walk away with a cool $2.75 million, SEC says. Unfortunately, Nike didn't return Retail Dive's calls about who'll take up his position.
For the second quarter, Nike did a $13.4 billion in sales, which is only slightly up from the previous year. Profits shot up 18.6%, hitting $1.6 billion. However, they've downgraded their expectations. Now, they predict Q3 revenues will dip a tiny bit, while full-year sales will rise around 1%.
Nike's also cutting costs to the tune of $2 billion over the next three years. Their plan is to simplify their product lineup, ramp up tech usage, leverage their size for efficiency gains, and streamline the organization.
Nike's budgeting a hefty restructuring charge between $400 million and $450 million during the second half of their fiscal year, mostly for severance package costs. They haven't publicly specified how many folks will be shown the door.
As Campion bids adieu to the corporate realm, he's chicken-scratching his way into higher education. On LinkedIn, he spilled the beans that he co-founded and, get this, will run a fresh UCLA Sports Leadership and Management program.
Sources:1. Securities and Exchange Commission (SEC) Filing2. LinkedIn Profile, Andy Campion3. Retail Dive's Article: "Nike posts sales gains, but lowers outlook"4. UCLA Enrollment and Student Services' News Release: "UCLA Launches Sports Leadership and Management Program"
- Andy Campion, known for his work in cutting-edge business ventures at Nike, has announced his departure on April 5, as per a SEC filing.
- Campion, the mastermind behind Nike's future ventures, will leave with a $2.75 million severance package.
- In his new endeavor, Campion plans to co-found and run a fresh UCLA Sports Leadership and Management program.
- For the second quarter, Nike reported a slight increase in sales to $13.4 billion, with profits up 18.6%.
- Nike's outlook, however, has been downgraded, predicting a minimal dip in Q3 revenues and a 1% rise in full-year sales.
- To address these financial challenges, Nike is cutting costs by $2 billion over the next three years, focusing on technology, product simplification, and organizational streamlining.
