Nike, Inc. has just awarded Chief Executive Officer Mark Parker a stock offer worth $30 million to continue his reign with the Portland-based sportswear giant for five more years. Valued at nearly 10 times his annual share grant, Parker, 59, was previously awarded stock offerings that valued $3.5 million each of the past three fiscal years, making this extension a massive gift for the man who’ll succeed chairman Phil Knight when he steps down next year.
Having joined Nike in 1979 as a shoe designer, and also held in marketing for some time, Parker has presided over the brand for years, and his triumphs during his tenure are surely among the many reasons for this sizable extension. Nike also granted Parker a $10,000 bonus in honor of his 35 years of employment. And in case you were wondering, Nike’s extremely competitive compensation committee is led by Apple Inc. CEO, Tim Cook.
In an even greater salute to Parker, Nike has picked up the tax bill for his stock award, ensuring roughly $10,000 in tax reimbursements for their CEO. Nike also gave Parker a $20 million stock award back in May 2012.