Jim Allaker, vice president and general manager of Nike U.K. and Ireland, has been promoted to president and chief executive officer of Nike’s Umbro brand.
Marc Van Pappelendam, most recently vice president and general manager of Nike Eastern and Central Europe, will succeed Allaker in the U.K.-Ireland post.
Allaker succeeds Matthew Cook, who has left the firm. Cook became president and ceo of Umbro in March 2008 following Nike’s acquisition of the U.K.-based soccer brand for $565 million. Under previous ownership, it had been headed by Steve Makin.
Allaker has been with Nike for 21 years and prior to his most recent post, which he held for three years, served as vice president of finance, planning and operations for the Europe-Middle East-Africa region. Prior to his current position in Eastern and Central Europe, Van Pappelendam was vice president of commerce for the Europe-Middle East-Africa region. He’s also been general manager of Nike’s Northern Europe subregion.
“Jim has had great success in leading the Nike U.K. and Ireland business, important markets for Umbro,” said Eunan McLaughlin, president of Nike affiliates, of which Umbro is part and to whom Allaker reports. “He also has a wealth of experience in the international sporting goods industry. Umbro has a tremendous opportunity for growth and I believe with Jim’s leadership, we will continue to grow the brand and connect with football fans worldwide.”
Van Pappelendam reports to Brent Scrimshaw, vice president and general manager of Western Europe.
Nike took a $401.3 million pretax goodwill impairment charge on Umbro in the third quarter of its last fiscal year, which ended in February. “Although Umbro’s financial performance for fiscal 2009 was slightly better than we had originally expected, projected future cash flows had fallen below the levels we expected at the time of acquisition,” Nike said in its annual report filing with the Securities and Exchange Commission. “The erosion is a result of both the unprecedented decline in global consumer markets, particularly in the United Kingdom, and our decision to adjust the level of investment in the business.”
The charges included $199.3 million for Umbro’s goodwill, $181.3 million for its trademark and $20.7 million for an equity investment.
Umbro’s revenues in fiscal 2009 totaled $174 million, according to Nike, about $100 million less than it reported as a publicly held firm traded on the London Stock Exchange in 2006.
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