HomeIndustriesNike Brings Back Retired Executive in Attempts to Improve Relationship With Retailers

Nike Brings Back Retired Executive in Attempts to Improve Relationship With Retailers

Struggling athletic footwear and apparel giant, Nike is trying to improve its fractured relationship with retailers by bringing retired executive Tom Peddie back on its team. The company announced on Wednesday that Peddie will return to the company as a vice president of marketplace partners.

Nike has been focusing on direct-to-consumer sales in recent years, a move that hurt its business and soured its relationship with shoe sellers. The company’s revenue fell below expectations according to June’s earnings report and took a 2% dip compared to the same period last year. Additionally, Nike said it expects 2025 sales to fall by mid-single digits, while the analysts expected a 1% increase in sales. 

In efforts to recover from underwhelming sales, Nike made a series of moves that included the intention to lay off 2% of its staff, refocus marketing efforts, and improve its supply chain. It now hopes that luring Peddie from retirement will allow it to mend its relationship with retailers.

“Tom spent many years at Nike leading Global Sales before becoming the GM of Emerging Markets and then heading up the North American geography. He is a seasoned leader with a proven business track record and experience building high-performing teams. We are excited to have him return to Nike,” said the company in a statement.

Following a disappointing June earnings report, Nike’s stock had its worst single-day performance, plunging around 20% and losing $28 million in market cap. The company’s shares continued their slide since then, dropping by another 4%.

Intuit to Lay Off 1,800 Employees and Make New Hires as Part of AI Push

Financial software company Intuit, developer of tax preparation application TurboTax, announced it will lay off 1,800 employees as part of its Artificial Intelligence push....

PepsiCo Stock Dips After Mixed Earnings Report

PepsiCo, the parent company of brands like Pepsi, Lays, and Quakers, shared a mixed earnings report for the second quarter on Thursday. The company’s...

Court Rules That Elon Musk Doesn’t Need to Pay $500 Million in Severance to Fired Twitter Staffers

X (former Twitter) owner and Tesla CEO Elon Musk won’t have to pay out an additional $500 million in severance to Twitter staffers he...