Nike Inc. awarded Chief Executive Officer Mark Parker $47.6 million in compensation for fiscal 2016, almost triple the level of the previous year, after stock grants buoyed his pay. Parker’s salary remained $1.55 million in the period, which ended May 31, the Beaverton, Oregon-based company said in a regulatory filing. But his stock grants, which had been valued at $3.5 million, zoomed to $33.5 million -- lifted by awards meant to keep the executive at the company until 2020.
The soaring compensation underscores the board’s desire to keep the 60-year-old executive at the helm of the world’s biggest sporting-goods maker. Since becoming CEO in 2006, Parker has steered the company to more than $32 billion in sales, more than double the level when he took over. He also was named chairman this year, succeeding company co-founder Phil Knight.
Parker has vowed to increase Nike’s earnings to $50 billion by 2020, partly by making deeper inroads into women’s apparel. But revenue and orders missed estimates last quarter, raising concerns for investors. The stock has fallen 8.6 percent in 2015, following seven straight years of gains. Parker was awarded $16.8 million in total compensation in fiscal 2015.