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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] CUPERTINO/NEW YORK — Apple CEO Tim Cook, who has served as an outside director for Nike since 2005, has purchased approximately $2.95 million (approx. 4.3 billion KRW) worth of Nike shares, triggering a rally in the company’s stock.
According to filings with U.S. securities regulators, Cook acquired 50,000 shares on December 22 at $58.97 per share. This transaction brings his total holdings to 105,480 shares. Analysts at Baird Equity Research noted that this represents the largest open-market purchase by a Nike director or executive in recent history.
Strategic Confidence in Nike’s Turnaround The move is being interpreted as a significant endorsement of Nike’s current CEO, Elliott Hill. While Hill has been pushing for innovation in running and sports-centric marketing to reverse declining margins and sluggish sales in China, tangible results have remained elusive.
"Cook maintains a very close relationship with Nike co-founder Phil Knight and has advised on key strategic decisions, including Hill's appointment," said Jonathan Komp, an analyst at Baird. Following the news of Cook’s investment, Nike shares surged 4.7% during intraday trading.
알파경제 Paul Lee 특파원(hoondork1977@alphabiz.co.kr)
