Apple CEO Tim Cook has been the main independent board director for sneaker company Nike for the past 19 years, but the brand is currently facing its biggest challenge during that time …
Cook joined the Nike board in 2005, and there have been a number of partnerships between the two companies since then – starting with sneakers with a built-in pedometer to send data to an iPod, and continuing to the Nike Apple Watch bands today.
Cook was even spotted at the recent keynote wearing a bespoke pair of Nike sneakers designed for him on an iPad – not the first time he has done so.
But as Bloomberg highlights, Adidas is going through a troubled time.
Two months before the new iPad release, Nike warned that sales would fall as demand for its sneakers faded due to competition from upstart labels. During the first half of this year, layoffs hit the shoemaker’s offices […]
Sales fell 10% last quarter and the company withdrew its full-year guidance, hoping to wipe the slate clean for Hill. It pushed back an investor day scheduled for November to give more time for the new CEO to devise a turnaround strategy, which Cook and his board peers will need to approve.
The piece highlights a number of the ways Cook has helped the company over the years:
- Recommending Apple’s strategy of doing less, better
- Offering tech expertise
- Advising on navigating the Chinese supply chain
- Making design suggestions for retail stores
- Helping recruit senior execs
The latter role included helping persuade Nike veteran Elliot Hill to come out of retirement to accept the role of CEO, in order to turn the company around. It was an Apple-esque move, of seeking to have the company run by those with a deep understanding of what made the company successful in the first place. Time will tell if it works as well for Nike.
Photo: Apple
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