So if I remember correctly total severance was suppose to be $400-$450m with them stating $403m had already been actualized in the 3rd Q. So if we have $50m left ish, is that just the cost of the severance packages themselves? Just wish there was any clarity on what teams, how many people etc. this is so rough and we still have weeks of waiting.
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Week of April 22 will be the next round (its round 3 or 4 of this past 6 months depending on who you ask).
Nike has stated 2% reduction.
Based on 80k total employees, that's 1600 total.
But excludes 50k (IHM, warehouse, retail), so its 5% of the corporate 30k jobs.
500 so far in this reduction has occurred
That leaves 1100 to go.
Good luck
@ybn+1s0Hz9AB Thank you for the article, this guy is a major league POS. I am sure remote work is the problem, never mind your failed DTC push and reduced retail footprint. This guy is nothing more than a software barking clown that has zero business being the CEO of anything, seriously how has he not been FIRED?
https://www.cnbc.com/2024/04/12/nike-ceo-blames-remote-work-for-innovation-slowdown.html?taid=661972ffa134790001eb6534&utm_campaign=trueanthem&utm_medium=social&utm_source=twitter%7Cmain
Just putting this here
Regardless of the costs, 2% is 2% and only about 500 people were let go in phase 1. That leaves about 1000 people at WHQ, EMEA, and GC for phase 2. It’s going to hurt.
They dont care as the VP's who got let go already got their $million golden goodbyes!