Shares in sportswear giant Nike fell following the ousting of ceo William Perez after just one year in the job.
The US-headquartered company's chairman Phil Knight alleged that Perez, who joined from S C Johnson, had been unable to make the leap from household products to athletic equipment.
He has been swiftly replaced by Nike insider, co-president Mark Parker who has been with the company since 1979. He is considered the visionary behind the Nike Air franchise and one of the key executives leading long term strategic planning.
Perez, who pockets a golden goodbye worth around $8 million (€6.5m; £4.4m) following his 'resignation', said he and Knight "weren't entirely aligned on some aspects of how to best lead the company's long term growth".
Nike, which has been generating robust sales and earnings, is nevertheless facing increased competition from its rivals, the beefed-up Adidas-Salomon, headquartered in Germany, and Reebok International, currently in merger negotiations.
Data sourced from Financial Times Online; additional content by WARC staff