Apple CEO Tim Cook secures $3 million in Nike shares

Tim Cook, the Chief Executive Officer of the US technology group Apple, has acquired Nike shares worth around three million US dollars (around 2.55 million euros). This means he almost doubles his share in the US sporting goods giant.

According to a document filed with the U.S. Securities and Exchange Commission, Cook secured 50,000 shares at $58.97 each. Cook has served on Nike’s board of directors since 2005. As of December 22nd, his total holdings increase to 105,000 shares.

The move is considered one of the largest share purchases by a director or executive of the company on the open market. An analyst from Baird Equity Research told Reuters.

In doing so, Cook appears to be inadvertently supporting the ongoing turnaround efforts led by Nike CEO Elliott Hill. This comes despite weaker quarterly results reported earlier this month.

In the second quarter, Nike reported a slight increase in sales to $12.4 billion. The company’s wholesale segment was the driving force. However, the Greater China region recorded its sixth consecutive quarterly decline. Sales fell by 17 percent, which illustrates a structural alienation from local consumers.

Since taking office as CEO, Hill has consistently pursued his ‘Win Now’ strategy. The focus is on renewing the product pipelines, discontinuing older lifestyle lines and returning to the brand’s sporting roots.

In Nike’s most recent earnings call, Hill said the company is in the midst of a comeback. He also emphasized that efforts are being made to realign teams and strengthen relationships with wholesale partners.