September 25, 2017
Acushnet’s chief since 1995, who spent over 40 years there in all, will step down on Jan. 1 as the longest-serving golf company CEO, leaving behind a strong legacy that apexed with GOLF’s IPO last year.
The 14-year deal, an extension of an existing contract, will be a school-wide deal and replace immediately an existing six-year deal that was due to expire in 2019 that paid the Jayhawks about $26 million annually.
The transaction, which took nearly a year to close and nearly two years after Elliott Management initiated its hostile effort to force a breakup and sale of the company, closed on the terms negotiated in the final amended purchase agreement at $61.50 per share, valuing the company at $5.0 billion.
He replaces Richard Moss, who is retiring at the end of the year after 12 years with the company.
The Eager Beavertons, the NFL’s largest licensee, joined in with a statement saying “Nike supports athletes and their right to freedom of expression on issues that are of great importance to our society.”