Share of Nike Inc. (NYSE:NKE) dropped over 1.4% in pre trading session on Monday after It has added former Intel CEO Bob Swan and NBCUniversal Telemundo executive Mónica Gil to its board of directors. Gil heads NBCUniversal Telemundo Enterprises’ brand development, digital marketing, and multichannel creative activities as chief administrative and marketing officer.
She has oversaw various marketing and brand efforts across Telemundo’s broadcast, cable, and digital businesses, including Telemundo’s record-breaking 2018 FIFA World Cup broadcast. She also founded the Telemundo Academy to help the next generation of media executives and devised and launched Telemundo’s women’s leadership initiatives.
Swan is presently an operational partner on Andreessen Horowitz’s growth investment team, where he helps growth-stage portfolio firms as they scale their businesses. Prior to joining Andreessen Horowitz, he was CEO and CFO of Intel, where he supervised 110,000 workers, $78 billion in revenue, and raised yearly sales by around $25 billion throughout his tenure.
The executive chairman of Beaverton, Oregon-based Nike Inc. (NYSE:NKE), Mark Parker stated that Mónica and Bob are great additions to their board due to their aggregate expertise in company operations, innovation, marketing, branding, and media. They are pleased to lend their skills and perspectives as they continue to accelerate our approach of creating value via an unwavering commitment to serving the future of sport.
Nike shares fell 7% on June 28 after the firm announced an adjusted profit of 90 cents per share, a 3% decrease. Revenue fell by 1% to $12.2 billion.
The announcement that China revenue decreased 19% to $1.56 billion due to lockdowns frightened investors. A 23% increase in inventories to $8.4 billion didn’t help matters. North American sales fell 5% to $5.11 billion.
The current quarter’s adjusted profit is predicted to be 93 cents per share, a 20% decrease, with sales increasing by less than 1% to $12.33 billion. A call option may make sense for people who believe that much unfavorable news has already been priced into Nike stock.
One contract granted the bearer the opportunity to purchase 100 shares of Nike stock at a price of $99 per share. The highest that could be lost was $410, which was the cost of the 100-share contract.