Nike has a lot to thank Tim Cook for as the year nearly draws to a close as it has been revealed that the Apple exec has bought Rp50.2 billion (US$3 million) in shares.
Cook, who is the CEO of Apple, has been a longtime board member of Nike.
(Photo : wu yi / unsplash)
Tim Cook Buys Even More Nike Shares
The purchase was disclosed by a filing made by Nike, according to a report by the Business Insider.
Cook purchased a total of 50,000 shares, which brings his total to 105,000 shares. According to the report, the purchase is seen as a sign of support for Nike CEO Elliott Hill, who is tasked to turn things around for the struggling brand.
Aside from his newly acquired shares, Cook has made sure to show his support for the sportswear brand, particularly through frequent collaborations with Apple.
In addition to Cook, Nike's audit committee chairman, Robert Swan, also purchased shares amounting to Rp8.37 billion (US$500,000).
Elliott Hill's Daunting Challenge
Hill returned to Nike in 2024 after he was named the new president and CEO of the company. This came after John Donahoe retired from the same positions.
"I'm eager to reconnect with the many employees and trusted partners I’ve worked with over the years, and just as excited to build new, impactful relationships that will move us ahead," Hill said in a statement at the time, which was shared on Nike's website.
He added, "Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.”
He is now facing the challenge of turning things around for Nike, and he got a much-needed boost thanks to Cook's purchase. According to the Business Insider, Nike's stock jumped nearly 5% at the close of trading on Wednesday, December 25.
