An estimated 15- 20 Vice Presidents lost their jobs this week. I know of two in my own group. I guess JD was serious about ending the matrix. SR Directors are next followed by Directors and everyone else in the next six weeks. Estimates are 4000 positions. Brace yourself and run for cover it's going to be a big one. Good luck to all my Nike family. May the force be with you. I am going hiking so I don't stress out!
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If you are lucky enough to hold any vested options, you'll have to exercise ALL OF THEM by the end of the year and incur the massive short-term capital gains taxes and declare it all as income in 2020! That combined with your PTO payout and any severance pay will guarantee you'll be in the very top tax bracket for the ta year so you can give half of everything back to the government!
Thanks, NIKE!
Not sure all those parachutes were so golden. There were tiers of VPs and certainly not all that many near $500. PTO cashes out, highly taxed more than regular income, same COBRA as everyone else and maybe some severance depending on # years. Still, those are high salaries and they will be happy to recover the wage related expense. Oh, and if you were here long enough, shopping privileges, so you can still buy the brand and maybe your fitness facility access (you still pay).
2000 VPs at $0.5M each is One Billion Dollars per year. They are wishing all the best to our shareholders.
I wish if someone did a count on how many VPs we have and how much payroll is spent on them. We can assume we spend $0.5 million on each of them (minimum).
That'd be a great analysis
hey @jws they (admins/mods) remove posts due to rules violation, i think it's described somewhere in the footer. in short dont do posts with this stuff:
- foul language
- personal info of employees (e.g., staff, mgrs, etc - c-level's ok as they are public figures)
- threats
- trolling
- politics & race & religion & nationality & ethnicity
why are posts removed?
3,000 views in 4 hours. Corporate Comms Control team is on life support
All the VPs and Sr. Directors were good for during my tenure was to take all the credit for the over worked U Band folks ... or blame them whenever something went wrong. They were the worst people on campus. Just awful human beings by and large who liked to show off their nice cars....
Ewwww, Anonymous David! We need employee comms and they work their booties off.
Fire half of functions like Global Employee Communications. No reason why their should be so many of them, so difficult to work with, who still make mistakes on one main website.
More like 3-4x that number...
Oh man, good luck to all! Time to reinvent ourselves one way or another. Heart breaking to see this.
According to a Sr. Director source, the number of Vice Presidents let go in the last two days is now estimated to be around one hundred!! 1/4 of all company VP's dispatched within two days. Lots of North America and Category VP's eliminated. Merchandising apparently is being blown up.
@OP Your estimate is low, very low. Let’s also remember that not all VPs were disliked or did minimal work. Some were making a positive impact on the business and on their teams. Some teams are genuinely sad they are losing their inspiring and supportive leader(s), and some their mentors. Let’s be respectful...this isn’t the forum to name names.
Who cares? They all go with golden parachutes. Screw them.