Footwear seller NIKE Inc Board of Directors announced the appointment of Nike brand co-President Mark Parker as the company's new President and Chief Executive Officer following the resignation of William D Perez.
Parker also succeeds Perez on the company's Board of Directors.
The board and Perez mutually agreed to end his relationship with the company without cause, citing differences regarding leadership between Perez and Philip H Knight, Nike's founder and Board Chairman.
In naming Parker as CEO and a Director, the board turned to a seasoned Nike veteran with 27 years of experience at the company who has been involved in many of Nike's most significant product innovations and integrated brand campaigns.
He also has been one of the key executives leading the company's long-term strategic planning.
Since 2001, Parker and co-President Charlie Denson have successfully led the Nike brand during a period of strong financial performance and growth.
Denson will now lead the Nike brand as president.
Commenting on the management changes, Knight said: "Succession at any company is challenging, and unfortunately the expectations that Bill and he and others had when he joined the company a year ago didn't play out as they had hoped.
He wants to personally thank Bill for his dedication and commitment over the past year.
"Mark has a proven track record in driving creativity, innovation and growth," Knight said.
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