An expensive run…
It’s been nearly seven months since Nike (NKE) announced the resignation of William Perez, who lasted a little over a year as CEO. And while Nike provided most of the details of Perez’ exit-package in the 8-K it filed at the time, the proxy that it filed on Wednesday was a much more detailed list.
In addition to two years of salary, or $2.8 million, and a $1.75 million bonus, the company spent $3.2 million to purchase Perez’ home in Portland and another $578K to cover the cost of renovating and furnishing that home. The cost of Perez’ health club in Portland was also unusually pricey since the company reimbursed him another $56.5K for "athletic club fees." There’s also full vesting of Perez’ options and restricted stock, though most of those options appear to be underwater.
So all told, Nike investors wound up shelling out over $8 million for Perez’ sprint as CEO, which makes for a very expensive run.