Summary
NIKE, Inc. (NKE) filed an 8-K on July 6, 2015, to announce a key change in its accounting leadership. Chris Abston was appointed as Vice President, Corporate Controller, and will assume the role of Principal Accounting Officer effective August 1, 2015. This transition follows the retirement of the current Principal Accounting Officer, Bernie Pliska, who will step down on July 31, 2015. The appointment of Mr. Abston brings a wealth of experience from his tenure at Wal-Mart Stores, Inc., where he held various senior accounting and financial oversight roles, including Vice President of Global Controls and Governance and Vice President and Controller of Walmart International. His extensive background also includes 25 years in public accounting with Ernst & Young. Investors should note that Mr. Abston's compensation agreement includes a non-compete clause, with specific payment terms depending on the nature of his separation from NIKE.
Key Highlights
- 1Chris Abston appointed Vice President, Corporate Controller, effective July 6, 2015.
- 2Chris Abston to become NIKE's Principal Accounting Officer on August 1, 2015.
- 3Bernie Pliska, current Principal Accounting Officer, to retire effective July 31, 2015.
- 4Mr. Abston brings significant experience from Wal-Mart Stores, Inc., and Ernst & Young.
- 5Mr. Abston's role will involve overseeing financial statements, accounting, financial reporting, and financial operations.
- 6Mr. Abston's employment agreement includes a one-year non-compete covenant with specified severance provisions.