Ann Hebert, a Nike NKE vice president who served as general manager for its North America region, has left the sportswear giant after 25 years, the company announced in a two-sentence press release, after a Bloomberg report on Feb. 25 detailed the business dealings of Hebert’s son, a sneaker reseller.
Bloomberg reported that 19-year-old Joe Hebert used one of his mother’s credit cards — her American Express corporate card — to buy more than $200,000 worth of shoes with the aim of reselling them at a profit.
Sneaker resellers buy shoes from manufacturers like Nike and Adidas
and and other suppliers to resell on the secondary market on sites like Facebook
and StockX. The global sneaker-reseller market was worth $6 billion in 2019 and is likely higher now, according to Cowen Equity Research.
Joe Hebert said that “he’d never received inside information” from his mother.
Nike representative Sandra Carreon-John was quoted in a Bloomberg story last week as saying that Ann Hebert told Nike about her son’s business in 2018 and that it did not violate any “company policy, privileged information or conflicts of interest.”
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Nike’s media-relations team told MarketWatch that it was Hebert’s decision to resign from Nike. Hebert did not immediately respond to MarketWatch requests for comment.
Nike’s stock is up 52.3% in the past year, compared with a 30.2% increase for the benchmark S&P 500
over the same period.
View more information: https://www.marketwatch.com/story/nike-executive-resigns-after-her-son-used-her-corporate-card-to-buy-200-000-worth-of-sneakers-for-his-business-11614708765