Dr. A. Michael Spence has resigned from the Nike Board of Directors effective May 31, 2004. Dr. Spence, 60, cited a desire to spend more time on his business and personal interests as the reason for his resignation. Dr. Spence joined Nike's board in 1995.
“I am extremely pleased with the accomplishments achieved during my tenure as a member of the Nike board of directors,” said Dr. Spence. “I am grateful for having the chance to serve with my fellow directors and I have great admiration for what they bring to Nike, individually and collectively.”
“As an independent member of the audit and compensation committees, Dr. Spence provided valuable insight and contributions to Nike's board of directors,” said chairman and CEO Philip H. Knight. “I am extremely grateful to Dr. Spence for the time, dedication and business expertise he brought to Nike. He was always mindful of the best interests of shareholders and his contributions will continue to have a positive impact on our company.”
Knight also announced that current Nike board member Jeanne P. Jackson will replace Dr. Spence on the audit committee. The board's nominating and corporate governance committee did not indicate whether the board would seek a replacement for Dr. Spence.
