The sportswear industry is seeing a massive executive shakeup.
Nike CEO Mark Parker will be replaced in 2020 by ServiceNow Inc (NYSE: NOW) CEO and current Nike board member John Donahoe. Parker will still hold his position as Executive Chairman.
“He is absolutely the right leader for Nike and what we are looking for," Parker told CNBC on Tuesday afternoon. "He is a proven CEO. He is no stranger to Nike and we feel he is the best choice to usher in this next wave for Nike.”
Parker said digital transformation is a key part of Nike strategy and says Donahoe is the right choice.
Parker has served as Nike’s top executive since 2006.
Nike's stock closed Tuesday's session at $95.60 per share and traded up about in the 1% after-hours session.
See more from Benzinga
- Skechers Fires Back At Nike Lawsuit With Ad, Calls Company A 'Bully'
- Cowen: Nike's Chinese Growth Unthreatened By NBA Turmoil
- Shoe Expert: NBA Fallout In China Could Lead To Consumers Ditching Nike, Under Armour
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.