Stumbling

Nike Names David Denton CFO to Guide Stumbling Turnaround Global Finance Magazine

Former Pfizer executive David Denton steps into the CFO role amid a bruising stock decline.

Nike Inc. said Tuesday it has hired David Denton as its next chief financial officer, tapping the former Pfizer Inc. finance chief to help stabilize a company navigating one of the most difficult stretches in its history.

Denton will join the Beaverton, Oregon-based sportswear giant as Executive Vice President and CFO effective Aug. 17. Matthew Friend, who has held the role since April 2020, will step down on that date and remain in the role through Sept. 4.

Nike Dogged by Rivals, Slumping Share Price

The announcement did little to reassure investors. Nike shares fell 4.5% to close at $42.38 Tuesday, leaving the stock down 33% year to date. The company has been grappling with slowing sales and eroding market share to nimbler rivals such as On Running and Hoka.

CEO Elliott Hill, who took the helm in late 2024, has been working to arrest the slide, but a full recovery has proven elusive.

Whether Denton’s expertise can generate a turnaround remains to be seen. He previously served as CFO and Executive Vice President at Pfizer since May 2022. Before that, he held the same title at Lowe’s Cos. from 2018 to 2022. He also spent two decades at CVS Health Corp., including as CFO during the company’s evolution into a diversified health. In all, he brings more than 30 years of finance and operating leadership across large, complex public companies.

Denton, in a prepared statement, called Nike “one of the world’s great brands.”

“I’m excited to partner with Elliott and the leadership team to support the company’s priorities, invest with discipline, and help deliver sustainable long-term value,” he said.

Hill framed the transition as a strategic inflection point. “This is a natural moment for a leadership transition as we move from foundational actions to sustained growth through our Sport Offense operating model,” he said.

Friend joined Nike in 2009 and rose through roles including CFO of the Nike Brand and VP of Investor Relations before assuming the top finance post. Nike expanded his responsibilities in late 2025 to include Global Sales and Direct-to-Consumer functions.

Prior to Nike, he worked in investment banking at Goldman Sachs and Morgan Stanley.

What’s Next

Nike expects to report fourth-quarter and fiscal year 2026 results on June 30. Analysts anticipate earnings of $0.12 per share on revenue of $10.85 billion, compared with 14 cents per share and $11.1 billion in the prior-year period — a stark illustration of how far the company still has to go. Results will include a one-time benefit from tariff refunds that were not previously factored into the guidance.

Contact the author: anoto@gfmag.com

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Stumbling in Afghanistan – Los Angeles Times

IT WAS HARDLY A SURPRISE that President Bush made a brief stop in Afghanistan on Wednesday, and not just because word of the “unexpected” trip leaked to the media beforehand. With Iraq ever more messy and his administration on the defensive on multiple fronts, Bush undoubtedly wanted to evoke that sweet moment of victory in November 2001 when U.S. forces ended the Taliban’s rule.

Yet Afghanistan is not such a simple story. Democratic elections brought a reasonable government into office, but it remains weak and ineffective outside of Kabul. Over the last year, the Taliban has made a strong revival, drug trafficking is up and the number of suicide bombings has steadily climbed. Bush’s advisors said his visit was so brief because it was hard to guarantee security.

Back in Washington, the director of the Defense Intelligence Agency, Michael Maples, testified before Congress on Tuesday that attacks by Taliban and other insurgents increased by 20% last year, and they are expected to intensify this spring. Aid workers report that villagers across the south of Afghanistan tell them not to visit anymore because Taliban forces punish anyone who accepts Western help.

Lest anyone forget, the Taliban was target No. 2 in the U.S. war against terrorists provoked by the 9/11 attacks. Target No. 1 was Osama bin Laden — Bush wanted him “dead or alive” — and he is still at large. Bush promised in Afghanistan that the leader of Al Qaeda would eventually be brought to justice. At this point, we are not holding our collective breath. Bin Laden is believed to be hiding in the mountainous region straddling Afghanistan’s border with Pakistan, spooning out taped messages to the West, but there has been little sign of progress in the hunt for him.

Like too many administration projects, the situation in Afghanistan appears to be the victim of a lack of follow-through. After the invasion of 2001, Bush promised to rebuild Afghanistan, ravaged by years of civil war and horrific destruction at the hands of the Taliban. There are 18,000 soldiers in the country, and in 2004 the United States and other donors pledged or spent $3.6 billion on humanitarian aid and reconstruction.

Yet once the war in Iraq was launched, Washington’s attention went there, as did most of its troops. The political will to bring security and basic services to Afghanistan clearly fizzled. Secretary of Defense Donald Rumsfeld likes to argue that the United States is capable of fighting two wars at once, but the evidence from Afghanistan and Iraq suggests that it may not be capable of fighting two wars well.

The United States is not the first world power to stumble in Afghanistan. The British and the Russians each failed to subdue the warlords who roamed the nation’s treacherous terrain. Yet the U.S. efforts that began there with great promise in 2001 remain, as yet, unfulfilled.

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