Nike board member Cathleen Benko to retire at 2025 annual meeting

Nike , Inc. (NYSE:NKE), a prominent player in the Textiles, Apparel & Luxury Goods industry with a market capitalization of $87.8 billion, announced that Cathleen Benko will retire from the company’s Board of Directors effective at the 2025 annual meeting of shareholders. According to an SEC filing released Wednesday, Benko notified the company of her decision on June 13.

Benko, who has served on Nike’s board for seven years, will not stand for re-election at the upcoming annual meeting. The company emphasized that her retirement is not due to any disagreement with Nike or its board regarding operations, policies, or practices, and that she remains a director in good standing.

Mark Parker, Executive Chairman of Nike, expressed gratitude for Benko’s contributions, stating, "We thank Cathy for her dedicated service and countless contributions to the Company over the past 7 years, and we wish her the best in her future endeavors."

The filing, signed by Matthew Friend, Executive Vice President and Chief Financial Officer, was submitted to the Securities and Exchange Commission on June 18, 2025.

Nike, headquartered in Beaverton, Oregon, is one of the world’s leading athletic footwear and apparel companies. The company’s Class B Common Stock continues to trade on the New York Stock Exchange under the ticker symbol NKE.

In other recent news, multiple investment firms have provided updates on Nike ahead of its fourth-quarter earnings report scheduled for June 26. Needham lowered its price target for Nike to $66, citing challenging near-term trends and adjusting its earnings estimates for future fiscal years. Despite these adjustments, Needham maintained a Buy rating, highlighting potential positive changes in leadership and strategy. Piper Sandler kept its Overweight rating and $70 price target, noting increased short interest and ongoing headwinds from Nike’s Classics line. The firm observed progress in Nike’s discounting strategy, with a reduction in sale items on the company’s website.

Morgan Stanley (NYSE:MS) also revised its price target downward to $61, maintaining an Equalweight rating due to an extended turnaround timeline influenced by macroeconomic factors. The firm anticipates downward revisions to consensus earnings estimates for fiscal year 2026. Citi, on the other hand, reiterated its Neutral rating and $57 price target, expecting Nike to beat fourth-quarter earnings estimates but projecting a decline in sales and earnings for the first quarter of fiscal 2026. UBS maintained its Neutral rating and $56 price target, citing weak sales trends and anticipating that Nike’s upcoming report will align with earnings per share expectations. UBS expects potential volatility in Nike’s stock price following the earnings announcement, reflecting broader market sentiment.

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