Fox Business Briefs: Nike donating $5.5 million worth of products to health care workers dealing withe coronavirus pandemic; Pfizer now testing an experimental vaccine to prevent COVID-19 in healthy volunteers.
Nike, after disclosing a rare money-losing quarter in June, announced layoffs that will eliminate at least 500 jobs at the company’s world headquarters in Oregon, according to the state of Oregon's Worker Adjustment and Retraining Notification web site.
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In a letter from Kim Lupo, a Nike vice president sent to three local officials, Lupo wrote that Nike "will be permanently reducing its workforce by at least 500 employees at its World Headquarters." The letter informs the officials that the "expected date" to begin the layoffs will be Oct.1 and will include "members of NIKE's corporate leadership team and some corresponding executive assistants."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NKE | NIKE INC. | 98.33 | +0.72 | +0.74% |
The company added that 192 of the laid-off employees will come from one of three Nike childcare centers.
Just last week, Nike's first-ever chief diversity and inclusion officer Kellie Leonard, left the company and was replaced by Felicia Mayo, the company's vice president of human resources and a former Tesla executive. Leonard was in the job for just two years.
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“We are announcing changes today to transform NIKE faster, accelerate against our biggest growth opportunities and extend our leadership position,” John Donahoe, Nike’s new CEO and president, said in a statement to FOX Business. “Now is the right time to build on NIKE’s strengths and elevate a group of experienced, talented leaders who can help drive the next phase of our growth.”
Donahoe has enacted a plan to simplify Nike’s complex corporate organizational chart. Multiple product category teams responsible for specific products for specific sports and consumers will be cut to just three: men, women and kids.
The number of layoffs worldwide will be higher than the 500 near Beaverton losing their jobs.
Nike said those cuts will result in termination costs of $200 million to $250 million.
Like many other corporations, Nike has suffered during the coronavirus pandemic. Total revenue was down 38% to $6.31 billion from $10.18 billion a year ago.
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The Link LonkAugust 04, 2020 at 03:26AM
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Nike eyes 500 layoffs at Oregon HQ - Fox Business
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