Nike executive Andrew Campion to depart following a 17-year tenure
The Lay of the Land
Andy Campion, Nike's managing director of strategic business ventures, is set to bid adieu to the sportswear giant on April 5, as per a filing with the U.S. Securities and Exchange Commission.
Campion's tenure in this position began in May as part of a wave of executive changes that Nike orchestrated. His remit included seeking out fresh business opportunities and overseeing Nike Virtual Studios. Prior to this role, Campion was the company's COO for four years and its CFO for five years. He joined Nike in 2007, stepping in as vice president of global strategic planning, global business planning, and market intelligence[2][3].
Upon departure, Campion stands to receive $2.75 million from Nike, as per the SEC filing. At the time of writing, Nike has not commented on who will assume Campion's responsibilities.
In terms of financial performance, Nike posted revenues of $13.4 billion for the second quarter, marking a 0.5% increase compared to the previous year. Net income for the quarter surged 18.6% to $1.6 billion. However, the company revised its outlook, predicting a mild dip in third-quarter revenue, while full-year revenue is expected to rise by roughly 1%[4].
Nike announced in December its intention to slash costs by $2 billion over the next three years. The company aims to achieve this through simplifying its product assortment, enhancing the use of technology, leveraging scale, and streamlining its organization[5]. In the second half of its fiscal year, Nike anticipates a restructuring charge of between $400 million and $450 million, primarily due to severance costs. The number of individuals affected by these changes has not been disclosed[6].
As Campion prepares to exit Nike, he is directing his attention towards higher education. He recently announced on his LinkedIn profile that he co-founded and will lead a newly established UCLA Sports Leadership and Management program[7].
- Andy Campion, upon his departure from Nike, is venturing into higher education, co-founding and leading the UCLA Sports Leadership and Management program.
- In his time at Nike, Campion's role included overseeing Nike Virtual Studios, seeking out fresh business opportunities, and leveraging technology to enhance the company's operations.
- With Nike's focus on technology, the company announced its intention to slash costs by $2 billion over the next three years, aiming to streamline its organization and improve product assortment.
- Amidst these cost-cutting measures, Nike anticipates a restructuring charge of between $400 million and $450 million in the second half of its fiscal year, primarily due to severance costs.
- Despite the predicted mild dip in third-quarter revenue and incremental growth in full-year revenue, Nike's financial outlook remains positive, with revenues of $13.4 billion and net income of $1.6 billion for the second quarter.
- As the managing director of strategic business ventures, Andy Campion has been instrumental in driving Nike's business strategies and has left an indelible mark on the sportswear giant. His departure, effective April 5, will undoubtedly impact the company's financial landscape and overall business outlook.
