Nike Inc (NYSE:NKE) says that Brand President Trevor Edwards is resigning from the company.
The Nike President’s resignation from the company will go into effect in August. Until then, he will be acting as an advisor to current Chairman, President and CEO, Mark Parker.
Parker had this to say about Edwards’ departure.
“I’d like to thank Trevor for the important role he has played for 25 years and for his significant contributions. He has helped us grow and strengthen our brand on a global scale. I am committed to stay in my role as Chairman, President and CEO beyond 2020. Trevor has decided to retire. We are fortunate to have a strong management team in place who is well suited to drive our next stage of growth and to steward and evolve our culture in the future.”
While the announcement doesn’t say why Nike President is resigning, it is likely due to misconduct claims. A leaked letter to employees said Edwards would resign following complaints. However, it didn’t directly connect him to the complaints or say what the nature of the complaints were.
Nike also notes that there are other shifts taking place as its transitions its leadership team. This includes Elliott Hill taking over as President of Consumer and Marketplace. The change will also have Hill reporting directly to Parker. Michael Spillane is keeping the current role of Head of Categories, Design, Product and Merchandising at Nike, but will also now report directly to Parker.
More From InvestorPlace
- 5 ‘Strong Buy’ Biotechs That Can Double in 2018
- The 10 Best Stocks to Invest In Right Now
- My 7 Must-Own Stocks to Build Up Your Retirement
As of this writing, William White did not hold a position in any of the aforementioned securities.