Nike “cut heavily from the top” in its recent mass layoff, according to sources cited by Matthew Kish of the Portland OREGONIAN. Nike said in April that it would eliminate 740 Oregon jobs, “part of a 2% reduction in its global workforce” and an ongoing $2B cost-cutting effort. The company recently provided a list of 732 jobs it eliminated this year. The list shows Nike “laid off 32 vice presidents, 112 senior directors and 174 directors, accounting for more than 40% of the jobs the company eliminated.” According to the company’s last corporate report, Nike employed 423 vice presidents and above in its FY2023. There were 22 senior administrative assistants who lost jobs, more than any other job title. Four exec assistants also lost jobs. The list shows it was a “broad reduction, with finance, brand, footwear and apparel among the functions that took double-digit hits.” According to annual reports, Nike “employed 83,700, including 11,400 at its roughly 400-acre corporate headquarters campus near Beaverton, in May 2023." Nike stock closed at $73.05 on Monday, a drop of $2.38 and near its 52-week low of $73. (Portland OREGONIAN, 7/5).
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