Nike names Pfizer CFO David Denton as CFO; Matthew Friend exits

Nike named Pfizer Chief Financial Officer David Denton as its next finance chief, replacing Matthew Friend who will step down on Aug. 17, the company said Tuesday. Friend, who became CFO in 2021, is leaving to pursue another opportunity. Denton will join Nike on Aug. 6 to overlap with Friend before the transition.

Denton has been Pfizer’s CFO since 2021, overseeing the drugmaker’s finances during the COVID-19 vaccine rollout and its subsequent commercialization push. Before Pfizer, he held senior finance roles at Honeywell, including CFO of its aerospace and automation businesses. At Nike he will be responsible for financial planning, treasury, tax, and investor relations.

The appointment comes as Nike works through a restructuring plan announced in December that targets $2 billion in cost cuts over three years. The company has been trimming its workforce, reducing inventory, and refocusing on direct-to-consumer sales after years of heavy discounting through wholesale partners. Sales in North America have been under pressure, and Nike’s latest quarterly results showed a 2% drop in footwear revenue.

Nike carries an Alpha Score of 36 out of 100, rated Mixed on the AlphaScala scale. Its stock page is at /stocks/nke. Pfizer, which now needs a new CFO, holds a 50 Alpha Score, also rated Mixed, via /stocks/pfe.

Denton’s first earnings call as Nike CFO will be the fiscal first-quarter report in September. That report will give the market its first look at the new finance chief’s strategy for managing margins and cash flow during the restructuring.