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Nike CEO Mark Parker’s Pay Nearly Tripled for Fiscal 2016

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It’s been a big year for Nike chief executive Mark Parker.

Not only did he nab the role of chairman when co-founder Phil Knight stepped down in June, he led the company to achieve a 6 percent lift in sales in fiscal 2016, reaching $32.4 billion, and his compensation nearly tripled.

According to a proxy filed with the Securities and Exchange Commission (SEC) Monday, Parker’s base salary of $1.55 million remained the same in the year ended May 31 but his total pay packet for the year amounted to $47.6 million, up from $16.8 million in fiscal 2015. That increase was mostly thanks to $33.5 million in stock awards, because of the committee’s “belief that the continued service and retention of Mr. Parker is critical to the company’s continued success.”

Since taking over the CEO mantle in 2006, Parker helped Nike more than double its sales. At an investors day last October he said revenue would reach $50 billion by the end of fiscal 2020. But growth prospects dimmed slightly when a challenging fourth quarter meant earnings were flat, despite a 6 percent increase in sales.

Shares (NKE) were down by more than 1 percent in midday trading Tuesday. The company’s stock dropped this year after seven years of gains.

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