Proof: weeks ago devoted “unwavering confidence and full support” of JD.
Now we’re here.
When Phil dies, who holds control of the board? Travis?
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Nike has two classes of stock. Class A shares aren't available on the open market. They're convertible into class B shares on a one-for-one basis. Class B shares the normal Nike shares available to all investors.
The primary difference is that holders of Class A shares elect nine of the 12 members of Nike's board. Holders of Class B shares elect the other three.
Phil Knight, the co-founder of Nike, and his son Travis Knight own more than 97% of outstanding Class A shares along with the holding companies and trusts they control.
This allows the Knight family to exercise effective control of Nike even though it's a publicly traded company.
Phill’s “unwavering support” was to save face and keep Wall Street confidence higher without exposing the true mess while they solidified things in the background. this negotiation has been in place for 6-9 months with Elliot Hill before announcing. These things don’t change quickly, moves are made years in advance. It’s chess not checkers.
That is a good question. I guess Travis…