Former Pfizer government David Denton steps into the CFO position amid a bruising inventory decline.
Nike Inc. mentioned Tuesday it has employed David Denton as its subsequent chief monetary officer, tapping the previous Pfizer Inc. finance chief to assist stabilize an organization navigating one of the crucial tough stretches in its historical past.
Denton will be part of the Beaverton, Oregon-based sportswear big as Govt Vice President and CFO efficient Aug. 17. Matthew Buddy, who has held the position since April 2020, will step down on that date and stay within the position via Sept. 4.
Nike Dogged by Rivals, Slumping Share Worth
The announcement did little to reassure traders. Nike shares fell 4.5% to shut at $42.38 Tuesday, leaving the inventory down 33% 12 months thus far. The corporate has been grappling with slowing gross sales and eroding market share to nimbler rivals such as On Operating and Hoka.
CEO Elliott Hill, who took the helm in late 2024, has been working to arrest the slide, however a full restoration has confirmed elusive.
Whether or not Denton’s experience can generate a turnaround stays to be seen. He beforehand served as CFO and Govt Vice President at Pfizer since Could 2022. Earlier than that, he held the identical title at Lowe’s Cos. from 2018 to 2022. He additionally spent twenty years at CVS Well being Corp., together with as CFO in the course of the firm’s evolution right into a diversified well being. In all, he brings greater than 30 years of finance and working management throughout massive, advanced public firms.
Denton, in a ready assertion, referred to as Nike “one of many world’s nice manufacturers.”
“I’m excited to companion with Elliott and the management crew to help the corporate’s priorities, make investments with self-discipline, and assist ship sustainable long-term worth,” he mentioned.
Hill framed the transition as a strategic inflection level. “It is a pure second for a management transition as we transfer from foundational actions to sustained progress via our Sport Offense working mannequin,” he mentioned.
Buddy joined Nike in 2009 and rose via roles together with CFO of the Nike Model and VP of Investor Relations earlier than assuming the highest finance put up. Nike expanded his obligations in late 2025 to incorporate World Gross sales and Direct-to-Client features.
Previous to Nike, he labored in funding banking at Goldman Sachs and Morgan Stanley.
What’s Subsequent
Nike expects to report fourth-quarter and monetary 12 months 2026 outcomes on June 30. Analysts anticipate earnings of $0.12 per share on income of $10.85 billion, in contrast with 14 cents per share and $11.1 billion within the prior-year interval — a stark illustration of how far the corporate nonetheless has to go. Outcomes will embody a one-time profit from tariff refunds that weren’t beforehand factored into the steering.
Contact the writer: anoto@gfmag.com
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