- Three black Nike executives have departed the company
- Nike is targeting $50 billion in revenue by 2020
Heads continue to roll at sportswear giant Nike (NKE +1.20%), since the departures of Nike president Trevor Edwards. Now Antoine Andrews, head of diversity and inclusion, and Danny Tawiah, VP of global brand digital marketing innovation, have left the company. Will Nike be able to turn around its business and achieve its $50 billion revenue target by 2020?
Why This Matters: Nike is nearly rudderless as the company continues with a turnaround plan developed by several of the executives now leaving. During the company’s Investor Day last fall, Trevor Edwards had a large speaking role charting the path forward for Nike returning to dominance of the sportswear category. On the call, he detailed how the company would hit its $50 billion revenue target. The company forecasts its women’s business doubling to $11 billion and its direct-to-consumer business growing to $7 billion. It is unclear who will take over responsibility for hitting these targets.
Another departing executive, Daniel Tawiah has been at the company since 2006 and led high-profile campaigns, like Nike’s branding for the 2014 World Cup. With so many of these executives leaving, the ability of the company to hit these targets is becoming questionable.
Situational Awareness: Nike CEO Mark Parker announced he would be staying at the company until 2020. How long until Parker’s leadership is challenged considering the apparent boy’s club environment at the company? Investors are sure to ask this question and more as details about the company’s culture comes to light.
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