Nike names former Lowe’s CFO David Denton with $11.5M incentives
LOW•Nike will appoint David Denton as chief financial officer on August 17, replacing Matthew Friend who will remain an adviser until September 4. Denton’s compensation includes a $1.45 million base salary, 120% bonus target, $11.5 million in annual long-term incentives and a $7.25 million sign-on cash award.
1. CFO Transition Details
Nike announced that its finance chief Matthew Friend will step down on August 17, with David Denton assuming the CFO role that day and continuing as an adviser through September 4. Friend will still lead the fiscal fourth-quarter earnings call on June 30 before exiting full-time duties.
2. Compensation Package
Denton’s pay package comprises a $1.45 million annual base salary, a bonus target equal to 120% of base pay, approximately $11.5 million in long-term incentive awards per year, and a $7.25 million cash sign-on payment to offset forfeited Pfizer equity.
3. Executive Background and Strategic Context
Denton brings over 30 years of finance experience, including serving as Lowe’s CFO from 2018 to 2022 and as Pfizer’s finance chief since 2022. His appointment aims to support Nike’s turnaround strategy as North American sales improve but Greater China revenue is projected to decline about 20% this quarter.
