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NKE Nike Inc

90.85
-1.41 (-1.53%)
02 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Nike Inc NYSE:NKE NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  -1.41 -1.53% 90.85 91.87 90.09 91.64 9,784,644 01:00:00

Head of Track and Field's Global Body to Cut Ties With Nike

26/11/2015 9:03pm

Dow Jones News


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By Sara Germano 

The president of track and field's global governing body, Sebastian Coe, said Thursday that he would resign from a consulting role with sportswear maker Nike Inc., amid mounting criticism of the sport's integrity.

The decision followed a daylong meeting of the International Association of Athletics Federations in Monaco, where the group formally met for the first time in person to discuss ongoing issues within the sport.

The sport and its leadership have been under scrutiny after an independent commission of the World Anti-Doping Agency revealed long-term, systemic doping in Russia. The commission also found what it described as "corruption and bribery practices at the highest levels of international athletics," details of which are expected to be presented in a second report in the coming months.

Mr. Coe said his decision to part ways with Nike was a part of an effort to renew trust in IAAF's leadership. He had come under criticism in recent weeks that his ties to Nike could present a conflict of interest for the leader of track and field. He had defended his role with Nike as recently as Sunday, saying he didn't lobby on behalf of the company regarding IAAF's April decision to award the 2021 world championships to the city of Eugene, Ore., where Nike was founded.

Mr. Coe's affiliation with the brand dates back to his days as a middle-distance runner for Great Britain, wearing Nike during his gold-medal runs in the 1500 meters at both the 1980 and 1984 Olympics, according to Nike's website. He was appointed an international adviser to Nike in 2013, according to a news release from the company.

"Sebastian Coe has informed us that he will no longer be able to play a role as an ambassador for Nike," Nike said in a statement. "Seb has been a Nike athlete since the 1970s and we are obviously disappointed, but respect his decision."

Mr. Coe, who had served as vice president of the IAAF since 2007, was elected president in August. His predecessor, Lamine Diack, is currently under investigation by French authorities for allegedly accepting bribes to cover up Russian doping results, according to French police.

Efforts to reach Mr. Diack have been unsuccessful and his whereabouts are currently unknown.

Last week, the IAAF set up preliminary criteria for the reinstatement of the Russian track team, and said an appointed inspection team would begin its work to determine the efficacy of reforms in Russia no later than Jan. 1.

Write to Sara Germano at sara.germano@wsj.com

 

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


(END) Dow Jones Newswires

November 26, 2015 15:48 ET (20:48 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.

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