CEO Musical Chairs!
MarketFoolery
The Motley Fool
4.7 • 1.7K Ratings
🗓️ 23 October 2019
⏱️ 18 minutes
🧾️ Download transcript
Summary
Nike CEO Mark Parker steps down, with John Donahoe stepping down as ServiceNow CEO to replace Parker. Jim Mueller analyzes the move, and the timing of the announcement coming so close to Under Armour’s CEO news. Plus, we discuss Chipotle’s latest results, where future growth will come from, and WeWork’s admission that it was about to run out of cash.
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Transcript
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| 0:00.0 | Thanks to LinkedIn for supporting this episode of Market Foolery. |
| 0:02.3 | LinkedIn Jobs uses knowledge of both hard and soft scales to match you with the people |
| 0:06.7 | who fit your role the best. |
| 0:08.7 | Post a job today at LinkedIn.com slash Fool and get $50 off your first job post. |
| 0:14.0 | It's Wednesday, October 23rd. |
| 0:18.0 | Welcome to Market. I'm Chris Hill with me in studio, Jim Mueller in the house. |
| 0:22.0 | Thanks for being here. |
| 0:23.0 | Hey, thanks for having me. |
| 0:24.2 | We've got a few headlines to get to. |
| 0:25.8 | We're going to start with what I like to call |
| 0:28.0 | the CEO version of musical chairs, |
| 0:30.6 | because Tuesday morning, Under Armour announced Kevin Plank is stepping down as CEO in January. |
| 0:37.2 | And then later in the day on Tuesday, sort of late afternoon, Nike announced that CEO Mark Parker also stepping down. 9 board member at Nike. He is also the CEO of a software company called Service Now, so he'll be, he's |
| 0:57.2 | been CEO there for nearly three years. He's going to be leaving that. And Bill McDermott, |
| 1:02.1 | who a couple weeks ago stepped down or was forced out depending |
| 1:06.2 | on which version of events you decide to believe. |
| 1:10.8 | He left SAP after being CEO for nearly decade. He's now going to be the CEO at Service |
| 1:15.6 | Now. |
| 1:16.6 | So the musical chairs continues. |
| 1:18.9 | Let's start with Nike and shares down a little bit on the news and probably not a surprise when you consider |
| 1:26.3 | Parker's been running this company since 2006. |
| 1:28.9 | If you're a shareholder under his tenure, you have done very very well. |
... |
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