Former Pfizer executive David Denton steps into the role of CFO amid a sharp decline in the stock.
Nike Inc. said Tuesday it has appointed David Denton as its next chief financial officer, tapping the former finance chief of Pfizer Inc. to help stabilize a company that has navigated one of the toughest stretches of its history.
Denton will join the Beaverton, Oregon-based sportswear giant as executive vice president and CFO, effective August 17. Matthew Friend, who has held the role since April 2020, will step down on that date and will remain in the role until September 4.
Nike troubled by rivals, share price falls
The announcement did nothing to reassure investors. Nike shares closed down 1.88% at $42.38 on Tuesday, bringing the stock down 33% year to date. The company is struggling with slow sales and declining market share against nimble rivals like On Running and Hoka.
CEO Elliot Hill, who took command at the end of 2024, is working to arrest the decline, but a full recovery has proven elusive.
It remains to be seen whether Denton’s expertise can make a difference. He previously served as CFO and Executive Vice President at Pfizer from May 2022. Earlier, he held the same position at Lowe’s Company from 2018 to 2022. He also spent two decades at CVS Health Corp., including as CFO during the company’s growth into diversified health. Overall, he has more than 30 years of finance and operations leadership in large, complex public companies.
Denton called Nike “one of the great brands in the world” in a prepared statement.
“I am excited to partner with Elliott and the leadership team to support the company’s priorities, invest with discipline, and help deliver sustainable long-term value,” he said.
Hill framed the change as a strategic inflection point. “This is a natural moment for a leadership transition as we move from foundational operations to continued growth through our Sports Offense operating model,” he said.
Friend joined Nike in 2009 and advanced to roles such as CFO of the Nike brand and VP of Investor Relations before taking the top finance position. Nike expanded his responsibilities in late 2025 to include global sales and direct-to-consumer operations.
Before Nike, he worked in investment banking at Goldman Sachs and Morgan Stanley.
what will happen next
Nike is expected to report fourth-quarter and fiscal 2026 results on June 30. Analysts expect earnings of $0.12 per share on revenue of $10.85 billion, compared with 14 cents per share and $11.1 billion in the year-ago period – a clear example of how far the company still has to go. The results will include a one-time benefit from tariff refunds that was not included in earlier guidance.
Contact the author: anoto@gfmag.com