Nike is also shrinking portions of its business, aiming to cut more than $4 billion from classic footwear franchises by the end of the fiscal year. That reduction alone is expected to create a $550 million revenue headwind for the quarter.
Leadership, Strategy, and Board Influence
Despite the challenges, Cook’s confidence underscores his long-standing involvement with the company. He became Nike’s lead independent director in 2016 after co-founder Phil Knight stepped down as chairman. Komp noted that Cook “remains extremely close” with Knight and has advised Nike through major strategic decisions, including the appointment of Elliott Hill as CEO.
Hill has focused on revitalizing demand through innovation in performance sports and renewed marketing while repairing relationships with wholesalers such as Dick’s Sporting Goods.
Nike Investor Confidence Amid Declining Shares
Nike shares have fallen nearly 13% since reporting earnings on Dec. 18 and are on track for a fourth straight year of declines. Still, Cook’s investment—now valued at nearly $6 million—suggests belief in Nike’s long-term recovery.
