What changed in this filing

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Item 1. Business

2023-07-20 compared with 2022-07-21 · 85 added, 87 removed, 214 unchanged (45% of the section changed)

was incorporated in 1967 under the laws of the State of Oregon.

As used in this report, the terms “we,” “us,” “NIKE” and the “Company” refer to NIKE, Inc.

As used in this Annual Report on Form 10-K (this "Annual Report"), the terms "we," "us," "our," "NIKE" and the "Company" refer to NIKE, Inc.

and its predecessors, subsidiaries and affiliates, collectively, unless the context indicates otherwise.

Our NIKE digital commerce website is located at www.nike.com .

On our NIKE corporate website, located at investors.nike.com , we post the following filings as soon as reasonably practicable after they are electronically filed with, or furnished to, the United States Securities and Exchange Commission (the “SEC”):

our annual report on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as amended.

Our definitive Proxy Statements are also posted on our corporate website.

All such filings on our corporate website are available free of charge.

Copies of these filings are also available on the SEC's website ( www.sec.gov ).

Also available on our corporate website are the charters of the committees of our Board of Directors, as well as our corporate governance guidelines and code of ethics;

copies of any of these documents will be provided in print to any shareholder who submits a request in writing to NIKE Investor Relations, One Bowerman Drive, Beaverton, Oregon 97005-6453.

Information contained on or accessible through our website is not incorporated into, and does not form a part of, this Annual Report or any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.

Our principal business activity is the design, development and worldwide marketing and selling of athletic footwear, apparel, equipment, accessories and services.

NIKE is the largest seller of athletic footwear and apparel in the world.

We sell our products through NIKE Direct operations, which are comprised of both NIKE-owned retail stores and sales through our digital platforms (also referred to as "NIKE Brand Digital"), to retail accounts and to a mix of independent distributors, licensees and sales representatives in virtually all countries around the world.

We also offer interactive consumer services and experiences through our digital platforms.

Virtually all of our products are manufactured by independent contractors.

Nearly all of our products are manufactured by independent contractors.

Nearly all footwear and apparel products are manufactured outside the United States, while equipment products are manufactured both in the United States and abroad.

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We also sell small amounts of various plastic products to other manufacturers through our wholly-owned subsidiary, NIKE IHM, Inc., doing business as Air Manufacturing Innovation.

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Our Jordan Brand designs, distributes and licenses athletic and casual footwear, apparel and accessories predominantly focused on basketball performance and culture using the Jumpman trademark.

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In addition to the products we sell to our wholesale customers and directly to consumers through our NIKE Direct operations, we have also entered into license agreements that permit unaffiliated parties to manufacture and sell, using NIKE-owned trademarks, certain apparel, digital devices and applications and other equipment designed for sports activities.

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We also offer interactive consumer services and experiences as well as digital products through our digital platforms, including fitness and activity apps;

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Historically, revenues in the first and fourth fiscal quarters have slightly exceeded those in the second and third fiscal quarters.

However, the mix of product sales may vary considerably as a result of changes in seasonal and geographic demand for particular types of footwear, apparel and equipment, as well as other macroeconomic, strategic, operating and logistics-related factors, as evidenced by the impact of the COVID-19 pandemic.

Because NIKE is a consumer products company, the relative popularity and availability of various sports and fitness activities, as well as changing design trends, affect the demand for our products.

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and Asia Pacific & Latin America ("APLA"), and include results for the NIKE and Jordan brands.

The Hurley brand results, prior to its divestiture in fiscal 2020, were included in North America.

Sales through our NIKE Direct operations are managed within each geographic operating segment.

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UNITED STATES MARKET

For fiscal 2022, NIKE Brand and Converse sales in the United States accounted for approximately 40% of total revenues, compared to 39% for both fiscal 2021 and fiscal 2020.

We sell our NIKE Brand, Jordan Brand and Converse products to thousands of retail accounts in the United States, including a mix of footwear stores, sporting goods stores, athletic specialty stores, department stores, skate, tennis and golf shops and other retail accounts.

For fiscal 2023, NIKE Brand and Converse sales in the United States accounted for approximately 43% of total revenues, compared to 40% and 39% for fiscal 2022 and fiscal 2021, respectively.

We sell our products to thousands of retail accounts in the United States, including a mix of footwear stores, sporting goods stores, athletic specialty stores, department stores, skate, tennis and golf shops and other retail accounts.

In the United States, we utilize NIKE sales offices to solicit such sales.

During fiscal 2023, our three largest United States customers accounted for approximately 22% of sales in the United States.

Our NIKE Direct and Converse direct to consumer operations sell NIKE Brand, Jordan Brand and Converse products to consumers through various digital platforms.

Our NIKE Direct and Converse direct to consumer operations sell our products to consumers through various digital platforms.

In addition, our NIKE Direct and Converse direct to consumer operations sell products through the following number of retail stores in the United States:

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Converse stores (including factory stores) 82

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In the United States, NIKE has eight significant distribution centers.

Five are located in or near Memphis, Tennessee, two of which are owned and three of which are leased.

Two other distribution centers, one located in Indianapolis, Indiana and one located in Dayton, Tennessee, are leased and operated by third-party logistics providers.

One distribution center for Converse is located in Ontario, California, which is leased.

There are other smaller distribution facilities located in various parts of the United States, some of which are leased or operated by third parties.

Refer to Item 2.

Properties for further information.

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INTERNATIONAL MARKETS

For fiscal 2023, non-U.S.

NIKE Brand and Converse sales accounted for approximately 60% of total revenues, compared to 61% for fiscal 2021 and fiscal 2020.

NIKE Brand and Converse sales accounted for approximately 57% of total revenues, compared to 60% and 61% for fiscal 2022 and fiscal 2021, respectively.

We sell our products to retail accounts through our own NIKE Direct operations and through a mix of independent distributors, licensees and sales representatives around the world.

We sell to thousands of retail accounts and ship products from 67 distribution centers outside of the United States.

Refer to Item 2.

Properties for further information on distribution facilities outside of the United States.

During fiscal 2023, NIKE's three largest customers outside of the United States accounted for approximately 14% of total non-U.S.

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Converse stores (including factory stores) 54

International branch offices and subsidiaries of NIKE are located in Argentina, Australia, Austria, Belgium, Bermuda, Brazil, Canada, Chile, China, Croatia, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Korea, Macau, Malaysia, Mexico, the Netherlands, New Zealand, Norway, the Philippines, Poland, Portugal, Russia, Singapore, Slovenia, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Thailand, Turkey, the United Arab Emirates, the United Kingdom, Uruguay and Vietnam.

SIGNIFICANT CUSTOMER

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Using market intelligence and research, our various design teams identify opportunities to leverage new technologies in existing categories to respond to consumer preferences.

The proliferation of Nike Air, Zoom, Nike Free, Flywire, Dri-Fit, Flyknit, FlyEase, ZoomX, Air Max, Nike React and Nike Adapt technologies, among others, typifies our dedication to designing innovative products.

The proliferation of Nike Air, Zoom, Free, Dri-FIT, Flyknit, FlyEase, ZoomX, Air Max, React and Forward technologies, among others, typifies our dedication to designing innovative products.

MANUFACTURING

Virtually all of our footwear and apparel products are manufactured outside the United States by independent manufacturers with whom we contract and refer to as “contract manufacturers.” Many of these contract manufacturers operate multiple finished goods contract factories.

Nearly all of our footwear and apparel products are manufactured outside the United States by independent manufacturers ("contract manufacturers"), many of which operate multiple factories.

We are also supplied, primarily indirectly, by a number of materials, or "Tier 2" suppliers, who provide the principal materials used in footwear and apparel finished goods products.

As of May 31, 2023, we had 146 strategic Tier 2 suppliers.

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As of May 31, 2022, we were supplied by 120 finished goods footwear contract factories located in 11 countries.

For fiscal 2022, contract factories in Vietnam, Indonesia and China manufactured approximately 44%, 30% and 20% of total NIKE Brand footwear, respectively.

The largest single footwear contract factory accounted for approximately 8% of total fiscal 2022 NIKE Brand footwear production.

As of May 31, 2023, our contract manufacturers operated 123 finished goods footwear factories located in 11 countries.

For fiscal 2023, NIKE Brand footwear finished goods were manufactured by 15 contract manufacturers, many of which operate multiple factories.

The largest single finished goods footwear factory accounted for approximately 9% of total fiscal 2023 NIKE Brand footwear production.

For fiscal 2023, factories in Vietnam, Indonesia and China manufactured approximately 50%, 27% and 18% of total NIKE Brand footwear, respectively.

For fiscal 2023, four footwear contract manufacturers each accounted for greater than 10% of footwear production and in the aggregate accounted for approximately 58% of NIKE Brand footwear production.

As of May 31, 2022, we were supplied by 279 finished goods apparel contract factories located in 33 countries.

For fiscal 2022, contract factories in Vietnam, China and Cambodia manufactured approximately 26%, 20% and 16% of total NIKE Brand apparel, respectively.

The largest single apparel contract factory accounted for approximately 10% of total fiscal 2022 NIKE Brand apparel production.

For fiscal 2022, two apparel contract manufacturers each accounted for more than 10% of apparel production, and the top five contract manufacturers in the aggregate accounted for approximately 54% of NIKE Brand apparel production.

As of May 31, 2023, our contract manufacturers operated 291 finished goods apparel factories located in 31 countries.

For fiscal 2023, NIKE Brand apparel finished goods were manufactured by 55 contract manufacturers, many of which operate multiple factories.

The largest single finished goods apparel factory accounted for approximately 8% of total fiscal 2023 NIKE Brand apparel production.

For fiscal 2023, factories in Vietnam, China and Cambodia manufactured approximately 29%, 18% and 16%

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of total NIKE Brand apparel, respectively.

For fiscal 2023, one apparel contract manufacturer accounted for more than 10% of apparel production, and the top five contract manufacturers in the aggregate accounted for approximately 52% of NIKE Brand apparel production.

NIKE's contract manufacturers buy raw materials for the manufacturing of our footwear, apparel and equipment products.

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and plastic and metal hardware.

In fiscal 2022, COVID-19 had impacts throughout our supply chain, including loss of production as well as production and transportation delays.

However, COVID-19 has not materially impacted the number or concentration of finished goods factories, contract manufacturers, or Tier 2 suppliers in countries where we source footwear and apparel products.

In fiscal 2023, we experienced ongoing supply chain volatility during the first part of the year, which improved gradually during the course of the year.

We also experienced higher supply chain network costs primarily due to inflationary pressures during the year.

Despite competition for certain materials during fiscal 2023, contract manufacturers were able to source sufficient quantities of raw materials for use in our footwear and apparel products.

Refer to Item 1A.

Risk Factors, for additional discussion of the impact of COVID-19 and sourcing risks on our business.

Risk Factors, for additional discussion of the impact of sourcing risks on our business.

Since 1972, Sojitz Corporation of America ("Sojitz America"), a large Japanese trading company and the sole owner of our redeemable preferred stock, has performed import-export financing services for us.

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We are also monitoring for and advocating against other impediments that may limit or delay customs clearance for imports of footwear, apparel and equipment.

NIKE also advocates for trade liberalization for footwear and apparel in a number of regional and bilateral free trade agreements.

NIKE also advocates for trade liberalization for footwear and apparel in a number of bilateral and multilateral free trade agreements.

Changes in, and responses to, U.S.

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corporations, including NIKE, with business operations and/or consumer markets in those countries, which could also make it necessary for us to change the way we conduct business, either of which may have an adverse effect on our business, financial condition or our results of operations.

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legitimate and core concerns, (ii) is consistent with international trade rules and (iii) reflects and considers domestic economies and the important role they may play in the global economic community.

In addition, with respect to proposed trade restrictions, we work with a broad coalition of global businesses and trade associations representing a wide variety of sectors to help ensure that any legislation enacted and implemented (i) addresses legitimate and core concerns, (ii) is consistent with international trade rules and (iii) reflects and considers domestic economies and the important role they may play in the global economic community.

Where trade protection measures are implemented, we believe we have the ability to develop, over a period of time, adequate alternative sources of supply for the products obtained from our present suppliers.

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However, we believe we could abate any such disruption, and that much of the adverse impact on supply would, therefore, be of a short-term nature, although alternate sources of supply might not be as cost-effective and could have an ongoing adverse impact on profitability.

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Our international operations are also subject to compliance with the U.S.

Foreign Corrupt Practices Act, or "FCPA", and other anti-bribery laws applicable to our operations.

Foreign Corrupt Practices Act (the "FCPA"), and other anti-bribery laws applicable to our operations.

We source a significant portion of our products from, and have important consumer markets, outside of the United States.

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The athletic footwear, apparel and equipment industry is highly competitive on a worldwide basis.

We compete internationally with a significant number of athletic and leisure footwear companies, athletic and leisure apparel companies, sports equipment companies and large companies having diversified lines of athletic and leisure footwear, apparel and equipment, including adidas, Anta, ASICS, Li Ning, lululemon athletica, Puma, Under Armour and V.F.

Corporation, among others.

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We believe our success depends upon our capabilities in areas such as design, research and development, production and marketing and is supported and protected by our intellectual property rights, such as trademarks, utility and design patents, copyrights, and trade secrets, among others.

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We have followed a policy of applying for and registering intellectual property rights in the United States and select foreign countries on trademarks, inventions, innovations and designs that we deem valuable.

We also continue to vigorously protect our intellectual property, including trademarks, patents and trade secrets against third-party infringement and misappropriation.

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HUMAN CAPITAL RESOURCES

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We aim to do this by creating groundbreaking sport innovations, making our products more sustainably, building a creative and diverse global team, supporting the well-being of our employees and making a positive impact in communities where we live and work.

Our mission is aligned with our deep commitment to maintaining an environment where all NIKE employees have the opportunity to reach their full potential, to connect to our brands and to shape the culture in which they work.

We believe providing for growth and retention of our employees is essential in fostering such a culture and are dedicated to giving access to training programs and career development opportunities, including trainings on NIKE's values, history and business, trainings on developing leadership skills at all levels, tools and resources for managers and qualified tuition reimbursement opportunities.

As part of our commitment to empowering our employees to help shape our culture, we source employee feedback through our Engagement Survey program.

As part of our commitment to empowering our employees to help shape our culture, we source employee feedback through our Engagement Survey program, including several corporate pulse surveys.

The program provides every employee throughout the globe an opportunity to provide confidential feedback on key areas known to drive employee engagement, including their satisfaction with their managers, their work and the Company generally.

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NIKE also provides multiple points of contact for employees to speak up if they experience something that does not align with our values or otherwise violates our workplace policies, even if they are uncertain what they observed or heard is a violation of company policy.

As part of our commitment to make a positive impact on our communities, we maintain a goal of investing 2% of our prior fiscal year’s pre-tax income into global communities, up from 1.5% in fiscal 2021.

As part of our commitment to make a positive impact on our communities, we maintain a goal of investing 2% of our prior fiscal year's pre-tax income into global communities.

The focus of this investment continues to be inspiring kids to be active through play and sport as well as uniting and inspiring communities to create a better and more equitable future for all.

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NIKE has never experienced a material interruption of operations due to labor disagreements.

DIVERSITY, EQUITY AND INCLUSION (DE&I)

DE&I is a strategic priority for NIKE and we are committed to having an increasingly diverse team and culture.

We aim to foster an inclusive workplace through recruitment, development and retention of diverse talent with the goal of expanding representation across all dimensions of diversity over the long term.

DIVERSITY, EQUITY AND INCLUSION

Diversity, equity and inclusion ("DE&I") is a strategic priority for NIKE and we are committed to having an increasingly diverse team and culture.

We aim to foster an inclusive and accessible workplace through recruitment, development and retention of diverse talent with the goal of expanding representation across all dimensions of diversity over the long term.

We remain committed to the targets announced in fiscal 2021 for the Company to work toward by fiscal 2025, including increasing representation of women in our global corporate workforce and leadership positions, as well as increasing representation of U.S.

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corporate workforce and at the Director level and above.

We continue to enhance our efforts to recruit diverse talent through our traditional channels and have launched new initiatives, such as partnerships with athletes and sports-related organizations to create apprenticeship programs and new partnerships with

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organizations, colleges and universities that serve diverse populations.

Additionally, we are prioritizing DE&I education so that all NIKE employees and leaders have the cultural awareness and understanding to build diverse and inclusive teams.

We continue to enhance our efforts to recruit diverse talent through our traditional channels and through initiatives, such as partnerships with athletes and sports-related organizations to create apprenticeship programs and new partnerships with organizations, colleges and universities that serve diverse populations.

Additionally, we are prioritizing DE&I education so that all NIKE employees and leaders have the cultural awareness and understanding to lead inclusively and build diverse and inclusive teams.

We also have Employee Networks, collectively known as NikeUNITED, representing various employee groups.

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Our DE&I focus extends beyond our workforce and includes our communities, which we support in a number of ways.

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NIKE's total rewards are intended to be competitive and equitable, meet the diverse needs of our global teammates and reinforce our values.

We are committed to providing comprehensive, competitive and equitable pay and benefits to our employees, and we have invested, and aim to continue to invest, in our employees through growth and development and well-being initiatives.

Our initiatives in this area include:

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and globally where practicable, including family planning coverage, backup care and child/elder care assistance as well as an income-based childcare subsidy for eligible employees.

• Our Military Leave benefit provides up to 12 weeks of paid time off every 12 months, and we enhanced our Military Leave benefit for employees called up to serve as part of the U.S.

COVID-19 response.

• We offer free access to our Sport Centers at our World Headquarters (WHQ) for our full-time employees and North America store employees.

• We provide employees free access to mindfulness and meditation resources, including membership to Headspace as well as live classes through our Sport Centers.

• Our global Employee Assistance Program (EAP) provides free and confidential counseling to all global employees and their families.

• We provide transgender healthcare coverage for eligible employees covered on the U.S.

• Our Military Leave benefit provides up to 12 weeks of paid time off every 12 months.

• We offer free access to our Sport Centers at our world headquarters for our full-time employees and North America store employees.

• We provide employees free access to mindfulness and meditation resources, as well as live classes through our Sport Centers.

• We provide all employees and their families globally with free and confidential visits with a mental health counselor through a third-party provider and our global Employee Assistance Program (EAP).

• We provide support to our employees in a variety of ways during times of crisis, including pay continuity under certain circumstances, our natural disaster assistance program, and ongoing support for challenges related to the COVID-19 pandemic.

• We provide a hybrid work approach for the majority of employees, as well as a Four Week Flex, which provides employees an opportunity to work from a location of their choice for up to four weeks per year.

• We offer a Well-Being Week where we close our corporate offices for a full-week in the summer and Well-Being Days for our teammates in our retail stores and distribution centers, and encourage our teammates to focus on their well-being.

• We provide inclusive family planning benefits and transgender healthcare coverage for eligible employees covered on the U.S.

Health Plan, including access to both restorative services and personal care.

COVID-19 RESPONSE

Since the start of the COVID-19 pandemic, the health and safety of our employees has remained a priority.

We have continued to follow and communicate guidance provided by the Centers for Disease Control and Prevention (CDC) and local public health authorities, as well as mandates set by state and local law as a part of our continued response and focus on mitigating the spread of COVID-19.

We developed a comprehensive risk assessment, infection control plans, and employee education campaigns.

Our robust health and safety measures have included staffing a team of fully dedicated contact tracers, sourcing and distributing over 1 million NIKE face coverings to teammates worldwide, facilitating access to COVID-19 testing, and offering on-site vaccination clinics in collaboration with local public health agencies.

As the pandemic continues, we continue to strongly encourage that all employees become fully vaccinated.

We continue to support our employees by offering all eligible employees paid COVID-19 sick leave for two weeks, in addition to existing paid time off benefits and legally mandated sick leave programs, which covers physical health, mental and emotional well-being and care for a family member.

We also provide the option for employees to utilize up to two weeks of paid time off in advance of accrued balances, if needed.

• We provide all U.S.

employees with unlimited free financial coaching through a third-party provider.

Additional information related to our human capital strategy can be found in our FY22 NIKE, Inc.

Impact Report, which is available on the Impact section of our website.

Impact Report, which is available on the Impact section of about.nike.com.

Information contained on or accessible through our websites is not incorporated into, and does not form a part of, this Annual Report or any other report or document we file with the SEC, and any references to our websites are intended to be inactive textual references only.

AVAILABLE INFORMATION AND WEBSITES

Our NIKE digital commerce website is located at www.nike.com.

On our NIKE corporate website, located at investors.nike.com, we post the following filings as soon as reasonably practicable after they are electronically filed with, or furnished to, the United States Securities and Exchange Commission (the "SEC"):

Our proxy statements are also posted on our corporate website.

All such filings on our corporate website are available free of charge.

Copies of these filings are also available on the SEC's website at www.sec.gov.

Also available on our corporate website are the charters of the committees of our Board of Directors, as well as our corporate governance guidelines and code of ethics.

Copies of any of these documents will be provided in print to any shareholder who submits a request in writing to NIKE Investor Relations, One Bowerman Drive, Beaverton, Oregon 97005-6453.

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He also held leadership roles at Bain & Company for two decades.

Andrew Campion , Chief Operating Officer — Mr.

Campion, 50, joined NIKE in 2007 as Vice President of Global Planning and Development, leading strategic and financial planning.

He was appointed Chief Financial Officer of the NIKE Brand in 2010, responsible for leading all aspects of financial management for the Company's flagship brand.

In 2014, he was appointed Senior Vice President, Strategy, Finance and Investor Relations.

Campion assumed the role of Executive Vice President and Chief Financial Officer in August 2015.

In April 2020, he was appointed Chief Operating Officer and leads NIKE's global technology and digital transformation, demand and supply management, manufacturing, distribution and logistics, sustainability, workplace design and connectivity, and procurement.

Prior to joining NIKE, he held leadership roles in strategic planning, mergers and acquisitions, financial planning and analysis, operations and planning, investor relations and tax at The Walt Disney Company.

Matthew Friend , Executive Vice President and Chief Financial Officer — Mr.

Friend, 44, joined NIKE in 2009 as Senior Director of Corporate Strategy and Development, and was appointed Chief Financial Officer of Emerging Markets in 2011.

Friend, 45, joined NIKE in 2009 and leads the Company's finance, demand & supply management, procurement and global places & services organizations.

He joined NIKE as Senior Director of Corporate Strategy and Development, and was appointed Chief Financial Officer of Emerging Markets in 2011.

Friend was appointed Chief Financial Officer of Global Categories, Product and Functions, and was subsequently appointed Chief Financial Officer of the NIKE Brand in 2016.

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Prior to joining NIKE, he worked in the financial industry including roles as VP of investment banking and mergers and acquisitions at Goldman Sachs and Morgan Stanley.

Matheson , Executive Vice President, Chief Human Resources Officer — Ms.

Matheson, 56, joined NIKE in 1998, with primary responsibilities in the human resources function.

She was appointed as Vice President and Senior Business Partner in 2011 and Vice President, Chief Talent and Diversity Officer in 2012.

Matheson was appointed Executive Vice President, Global Human Resources in 2017.

Miller , Executive Vice President, Chief Legal Officer — Ms.

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Miller worked at the law firm Sullivan & Cromwell.

Matheson , Executive Vice President, Chief Human Resources Officer — Ms.

Matheson, 55, joined NIKE in 1998, with primary responsibilities in the human resources function.

She was appointed as Vice President and Senior Business Partner in 2011 and Vice President, Chief Talent and Diversity Officer in 2012.

Matheson was appointed Executive Vice President, Global Human Resources in 2017.

Heidi O'Neill , President of Consumer and Marketplace — Ms.

O'Neill, 57, joined NIKE in 1998, and held a variety of leadership roles, including President of NIKE Direct, where she was responsible for NIKE's connection to its consumer globally through the Company's retail and digital-commerce business.

She also led NIKE's women's business for seven years, growing it into a multi-billion dollar business, and leading the Company's North America apparel business as VP/GM.

O'Neill was appointed as President of Consumer and Marketplace in April 2020 and is responsible for NIKE's Direct business, including all stores, e-commerce and apps globally.

Heidi O'Neill , President, Consumer, Brand & Product — Ms.

O'Neill, 58, joined NIKE in 1998 and leads the integration of global Men's, Women's & Kids' consumer teams, the entire global product engine and global brand marketing and sports marketing to build deep storytelling, relationships and engagement with the brand.

Since joining NIKE, she has held a variety of key roles, including leading NIKE's marketplace and four geographic operating regions, leading NIKE Direct and accelerating NIKE's retail and digital-commerce business and creating and leading NIKE's Women’s business.

Prior to NIKE, Ms.

O'Neill held roles at Levi Strauss & Company and Foote, Cone & Belding.

Craig Williams , President, Geographies & Marketplace — Mr.

Williams, 54, joined NIKE in 2019 and leads NIKE's four geographies and marketplace across the NIKE Direct and wholesale business.

In addition, he leads the Supply Chain and Logistics organization.

Williams joined NIKE as President of Jordan Brand overseeing a team of designers, product developers, marketers and business leaders.

Prior to NIKE, he was Senior Vice President, The Coca-Cola Co., and President of The McDonald's Division (TMD) Worldwide.

Williams has also held roles at CIBA Vision and Kraft Foods Inc., and served five years in the U.S.

Navy as a Naval Nuclear Power Officer.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business