Nike Cuts Bonuses of Chairman, Execs
Nike Inc., the world’s top maker of athletic shoes and apparel, cut in half the annual bonus of Chairman Philip Knight as the firm’s stock price slipped and rival Reebok International Ltd. picked up market share during the last year.
Knight, 63, received a $663,000 bonus for the fiscal year, compared with $1.33 million in 2000, according to a Securities and Exchange Commission filing. The bonuses of other top executives at Nike also were cut, according to the filing.
Beaverton, Ore.-based Nike made progress on some of its financial goals and raised Knight’s salary 3.8% to $1.3 million from $1.2 million a year ago.
Shares of Nike rose 65 cents to close at $48.65 on the NYSE.
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