NEW YORK CITY (dpa-AFX) - Athletic lifestyle footwear and apparel major NIKE, Inc. (NKE) announced late Tuesday the appointment of Pfizer, Inc.'s (PFE) David Denton as Executive Vice President and Chief Financial Officer, effective August 17.
Denton succeeds Matthew Friend, who will step down as Executive Vice President and CFO at that time and remain with the company through September 4.
Further, the company said its fourth-quarter results are expected to include a benefit from tariff refunds that was not contemplated in its previous outlook. Excluding the one-time benefit, fourth-quarter results are expected to be generally in line with previous guidance.
The company previously said it expects fourth-quarter revenue to decline 2 percent - 4 percent, with China down about 20 percent, after reporting a sharply lower profit in the third quarter. Weak margin due to higher tariffs in North America, and higher expenses had hit the quarterly profit, amid nearly flat revenues.
Nike now said Friend will participate in its fourth-quarter fiscal 2026 earnings call on June 30, as planned.
Denton will partner with President and Chief Executive Officer Elliott Hill to support disciplined execution, capital allocation, and long-term value creation.
The new CFO joins Nike from Pfizer, where he has served as Chief Financial Officer and Executive Vice President since May 2022.
Last week, Pfizer had announced that CFO Denton would leave the company on August 15 to purse an opportunity outside the pharmaceutical industry, and appointed Cecile Guegan as interim CFO, effective August 16.
Denton holds more than 30 years of finance and operating leadership experience across major companies. Prior to Pfizer, Denton served as Chief Financial Officer and Executive Vice President of Lowe's Companies, Inc. from 2018 to 2022. Earlier in his career, he spent two decades at CVS Health Corp., including as Executive Vice President and Chief Financial Officer.
He previously served on the Boards of Directors of Haleon and Tapestry and is expected to serve on the Board of Honeywell Aerospace following its planned spin-off from Honeywell.
Hill stated, 'Dave is a proven public-company CFO who knows how to help great consumer brands operate with discipline and invest to win. We're focused on doing what Nike does best: serving athletes, leading with sport and building the most innovative products in the world. Dave's experience, judgment, and operating rigor will help us execute against these priorities with consistency and build on the progress underway.'
Hill added that the transition is a natural moment as the firm moves from foundational actions to sustained growth through Sport Offense operating model.
In the overnight trading, the shares were gaining around 0.73 percent, after closing Tuesday's regular trading 1.88 percent lower.
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