You are connecting from Lake Geneva Public Library, please login or register to take advantage of your institution's Ground News Plan.
Published 4 days ago • loading... • Updated 3 days ago
Nike’s Surprise CFO Change ‘Another Tangible Signal’ of Turnaround Progress
The former Pfizer finance chief will replace Matt Friend on Aug. 17 as Nike pursues a turnaround and a tariff refund this quarter.
On Tuesday, Nike named Pfizer executive Dave Denton as its next chief financial officer and announced it will book a tariff refund in the current quarter's financial results.
Since taking over in 2024, CEO Elliott Hill has reshaped Nike's senior leadership ranks to return the company to its athletic roots and address weak demand in key markets.
Denton brings more than 30 years of experience from Pfizer, CVS, and Lowe's; Nike previously noted it paid about $1 billion in tariffs on imports into the U.S.
Nike shares climbed about 1% in after-hours trading following the announcement; Denton officially succeeds Matt Friend on August 17, while Friend remains until September 4 for transition support.
Friend will participate in Nike's fourth quarter fiscal 2026 earnings call on June 30 as the company shifts from foundational actions to sustained growth through its Sport Offense operating model.