Nike 10-Q: Veteran Andrew Campion to Leave Company After 17 Years
Longtime Nike veteran Andrew Campion is leaving the company after 17 years.
According to a 10-Q filing with the U.S. Securities and Exchange Commission (SEC) on Friday, Nike announced that Campion, the company’s current managing director of strategic business ventures, will leave the company on April 5. Upon his exit, the filing added, Campion will receive a one-time cash compensation amount of $2.75 million.
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FN has reached out to Nike for further comment.
In a separate statement on Monday, the UCLA Anderson School of Management announced that Campion will join the school as program director of its newly created Sports Leadership and Management Program. According to UCLA, the program is designed to provide inspiration, education and access to graduate and undergraduate students, including student-athletes interested in pursuing careers in the global business of sports.
What’s more, Campion, a UCLA alumnus, and his wife made a generous donation to invest in the program’s startup. “Shelby and I have long believed that education, engagement in sport and financial opportunity are what everyone needs and deserves to live their best possible life,” said Campion. “The ecosystem of sports is massive, growing and dynamic, while also serving as an inspiring and unifying cultural force. Our ambition is that this program will connect UCLA’s diverse and talented students, on a broad scale, to the economic opportunity and potential for social impact offered by a career in the business of sports.”
Campion joined the Swoosh in 2007 as VP of global planning and development and served in senior finance and strategy roles before becoming CFO in 2015. He held the CFO position until 2020 when he was promoted to COO.
In May, Campion took on his newest leadership role as managing director of strategic business ventures, where he worked to identify and pursue new business opportunities in order to drive growth for the company. As part of this role, Campion oversaw Nike Virtual Studios (NVS) and led teams across Nike’s world headquarters and Los Angeles-based offices.
Prior to joining Nike, he held leadership roles in strategic planning, mergers and acquisitions, financial planning and analysis, operations planning, investor relations, and tax at The Walt Disney Co. from 1996 to 2007.
Currently, Campion serves on the boards of the 2028 Los Angeles Summer Olympics organizing committee (LA28), Starbucks and the SpringHill Company. Campion and his wife Shelby are also minority owners of Real Salt Lake of Major League Soccer and the Utah Royals of the National Women’s Soccer League.
Campion’s exit comes weeks after the athletic giant announced new measures to “streamline” its organization after reporting a profit beat for the second quarter. In the Dec. 21 release, Nike said it sees the potential to save up to $2 billion in costs over the next three years by “simplifying our product assortment, increasing automation and use of technology, streamlining our organization, and leveraging our scale to drive greater efficiency.”
Part of these measures involve layoffs. Nike said that month that it could see pre-tax restructuring charges of about $400 million to $450 million related to the costs of employee severance. This impact is likely to be seen in the third quarter.
In another cost cutting measure, Nike further disclosed in Friday’s 10-Q filing that it completed the sale of its entities in Argentina and Uruguay to a third-party distributor in the second quarter. Nike said in the filing that the net loss on the sale of these entities totaled approximately $550 million. This loss included $389 million, recognized primarily in fiscal 2020, largely due to the anticipated release of the cumulative foreign currency translation losses. The remaining loss recognized in fiscal 2023 was due to the devaluation of local currency and cash equivalents included in the transferred assets, Nike said.
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