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USA : Nike - age comes in way as Directors step down |
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2004-8-3
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The three oldest members of Nike Inc.''s board of directors stepped down, citing increased scrutiny of the age of company directors.
"There seems to be movement that age matters - and that if you''re over 80 you don''t keep up. People who buy stock look at the age of the directors," said John Jaqua, 84, who has been on the board since Nike''s founding in 1968. In addition to Jaqua, 77-year-old Richard Donohue is stepping down after serving since 1977 as well as Chuck Robinson, 85, a director since 1978. Together, the three have spent 86 years on the board.
"Most boards have an automatic retirement age of 72 - and we way overstayed that," said Robinson, speaking from his home in Santa Fe, N.M.
This was announced by Nike on Friday in a filing with the Securities and Exchange Commission. The decision to leave the board was taken collectively and not forced upon them, said Jaqua.
"There comes a time when you look at a company''s annual report and notice the directors ages. And you say, ''Oh my God, is this an old folks home?"'' Donohue said Sunday from his home in Lowell, Mass. "It tells you something about a company''s willingness to advance to a younger generation."
Leading athletics footwear and apparel wear manufacturer in the world, Nike was never been free from criticism. Prior to their announcement this week, articles appearing in the U.S. have pointed out that the average age of the Nike board was 66 and average tenure is 16 years.
The three will step down at Nike''s annual shareholders meeting September 20, this year at the Oregon Convention Center. Nine other directors are up for re-election at the meeting. |
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