Nike puts forward £19m to keep CEO Mark Parker until 2020
Nike has invested a sizeable £19m in keeping chief executive Mark Parker in his position until 2020.
The US sports apparel group has looked to pin down its top man for another five years with the package which is ten times greater than his annual share bonus.
Parker has served in the position for almost a decade, after joining Nike early in 1979 as a shoe designer. The CEO proved his worth last year as shareholders saw sales jump by 14 per cent to $40.6bn.
Nike explained the bonus: “In view of the company’s strong performance under Mr Parker’s leadership and to provide an incentive for Mr Parker to stay for at least the next five years, on June 30, 2015, the committee granted to Mr Parker the opportunity to earn a restricted stock unit award with a target value of $30m representing 277,727 shares of our Class B Stock based on the closing price on the grant date.
"60 per cent of the award’s maximum value is based on the company’s performance, and also will not be earned unless Mr Parker remains employed with the company."
Nike is at the forefront of marketing, earlier this year it announced a landmark shift to mobile-first retail.