NKE Nike Inc

By Tess Stynes 

Nike Inc. said Chief Executive Mark Parker's total compensation nearly tripled to $47.6 million for fiscal year 2016 compared with a year earlier thanks to a big increase in stock awards tied to him taking over the chairman role.

According to a regulatory filing, the athletic-gear giant's compensation committee had given the boost to Mr. Parker's restricted stock unit retention award citing the company's strong performance under his leadership and his potential to succeed Philip Knight when he retired.

While the transition began more than a year ago, Mr. Knight, the founder and former chairman, didn't make his retirement official until the end of June.

While Mr. Parker's salary was unchanged at about $1.6 million, his stock awards increased to $33.5 million from $3.5 million a year earlier, according to the Securities and Exchange Commission filing.

Mr. Parker, who has been Nike's CEO since 2006, was endorsed by Mr. Knight to be his successor as Nike's chairman in June of 2015. Nine years before that, Mr. Knight handed day-to-day management of Nike to Mr. Parker, after his previously anointed successor, William Perez, an outsider with little experience in footwear, left after 13 months.

A hard-core runner, Mr. Parker is credited with helping bring to market sneaker technology like Nike Air. As CEO, he also has helped lead the company's global expansion and its push into women's wear, while coping with pressures on supply chain management and rising competition from upstarts like Under Armour Inc.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

July 25, 2016 18:02 ET (22:02 GMT)

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