Nike's (NKE.US) top executive for Greater China, Angela Dong, is stepping down from her position. The company stated in an announcement that Dong will depart on March 31. Her role will be assumed by Cathy Sparks, who previously led the Asia Pacific and Latin America operations. Concurrently, Nike announced leadership changes for its Europe, Middle East, and Africa division. The sportswear giant is actively seeking to reverse a trend of declining sales within the Greater China region. This leadership reshuffle signals that Nike is pursuing a new strategic direction for Greater China. Since taking the helm, CEO Elliott Hill has managed to rejuvenate some of Nike's growth momentum, yet the Chinese market remains a pivotal challenge. In December of last year, Hill stated that Greater China is the "top priority on our list" and emphasized the necessity for the company to accelerate its pace of action. Financial results disclosed by Nike in December revealed that for the second quarter of fiscal year 2026, sales increased by 1% year-over-year to $12.43 billion, while net profit declined by 32% to $792 million. The challenges stemming from the Greater China region remain pronounced for Nike. Revenue from Greater China during the quarter fell 17% compared to the prior year to $1.7 billion, and earnings before interest and taxes contracted sharply by 49%. Nike's stock experienced a decline of less than 1% in after-hours trading in New York. The share price dropped 16% last year, marking its fourth consecutive annual decline.
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