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Nike's Chief Financial Officer Resigns

January 10, 1998|Bloomberg News

Nike Inc. said its chief financial officer, Robert Falcone, resigned, renewing concerns that the athletic shoe maker's troubles will continue for the rest of the year. Falcone, 50, will be replaced temporarily by Controller Robert Harold while Nike looks for a successor. The resignation comes after Nike said in September that revenue growth for fiscal 1998 ending in May will fall short of its target as demand slows in the U.S. and Asia. Nike's second-quarter profit fell a greater-than-expected 20% last month as retailers marked down shoes and ordered fewer replacements. Falcone left to pursue other opportunities outside Nike, the company said. Falcone, who joined Nike in 1990, couldn't immediately be reached for comment. Nike's shares fell $2.69 to close at $39.50 on the New York Stock Exchange.

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