新任首席财务官被任命，耐克公司转型持续推进中

Nike New CFO Appointed as Turnaround Continues toTake Shape NKE named David Denton incoming EVP & CFO effective August 17, withMatthew Friend stepping down and advising through September 4. Dentonbrings 30+ years of finance and operating leadership across Pfizer, Lowe's, andCVS Health, managing complex global P&Ls at scale. We view it as another The News.Following market close today, NKE issued a press release announcing the appointmentof David M. Denton as Executive Vice President and Chief Financial Officer, effective August 17,2026. Mr. Denton joins from Pfizer, Inc., where he has served as EVP and CFO since May 2022.Prior to Pfizer, he served as EVP and CFO of Lowe's Companies (2018-2022), and earlier spentroughly two decades at CVS Health Corporation, including as EVP and CFO, where he helpedguide the company's evolution into a diversified health solutions organization. Denton also bringspublic company governance experience, having served on the Boards of Haleon (2023–2024) and Our Take.We view today's CFO appointment as another tangible signal that the Elliott Hill-ledturnaround is progressing in measured, deliberate fashion, with the right operators being put inplace to execute against a multi-year reset. With F'26 now in the books and results queued up forTuesday, the timing of the Denton announcement reads to us as a natural inflection point, closingthe foundational chapter under Friend and opening a new one focused on sustained, disciplined Bottom Line.Today's announcement reinforces our constructive view that the turnaround isprogressing on a thoughtful, sequenced basis under Hill, with the right operators being installed atthe right time. Denton's scale, governance pedigree, and operating discipline should be additive asNKE works through China, Nike Direct, and EMEA promotionality. We remain focused on Tuesday's Randal J. Konik * | Equity Analyst+1 (212) 708-2719 | rkonik@jefferies.comCarlos Gallagher * | Equity Associate+1 (786) 535-2025 | cgallagher1@jefferies.comTy-Lynn Johnson * | Equity Associate+1 (212) 778-8339 | tjohnson2@jefferies.comMina Solujic * | Equity Associate+1 (212) 444-4298 | msolujic@jefferies.comKevin Seo * | Equity Associate+1 (646) 352-5609 | kseo@jefferies.com Company Description Nike Nike is the largest athletic company in the world with ~$50 billion in sales. The company operates globally, mainly as a wholesaler, through its Nikebrand (>90% of sales) and Converse. Despite its considerable size and market- leading position, Nike continues to post peer-leading growth rates,driven by ongoing athletic product innovation, market share gains in established territories like North America and Western Europe, and expansion Company Valuation/Risks Nike Our $90 price target is based on ~30x P/E on our FY'28 estimate. Risks include cost inflation, waning product cycle, and FX headwinds. Analyst Certification:I, Randal J. Konik, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed I, Carlos Gallagher, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed I, Ty-Lynn Johnson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed I, Mina Solujic, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed I, Kevin Seo, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulations Investment Recommendation Record(Article 3(1)e and Article 7 of MAR) Recommendation PublishedRecommendation Distributed June 23,