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It officially became Nike Inc. in 1971.. Ok, but imagine if Nike and its owners had been taxed quite a bit less. Jeff Johnson is a member of Radio Host Age, Biography and Wiki Net worth: $1.5 Million jeffsnation 93.9K followers View profile jeffsnation Jeff Johnson Biography, Age, Height, Wife, Net Worth, Family In 1971 Johnson gave the company its most distinguishable asset: its name. Nike's "swoosh" logo, now deemed one of the most expensive logos globally, was approved for $35 by graphic design undergraduate Carolyn Davidson in 1971. He was very impressed by the quality of the shoes and their low cost, and managed to set up a meeting between himself and Mr. Onitsuka. Neither Phil nor Bowerman, the only owners of Blue Ribbon, want to give up their equity. Net Worth in 2022. Jeff Johnson was born on May 7, 1973 in Harrogate, England. If so, our understanding of everything will grow. "Well," he said with a big grin, "I guess it's 'Hello, world,' huh? "We could see that he was a charismatic guy who jumps over the moon and is very competitive, but nobody could have predicted what he would become to our culture.". During an executive meeting in 1983, Knight reshuffled the roles of his highest-ranking deputies. FAQs. Even Billionaires Like Phil Knight Have Trouble Finding A Parking Spot For Their $65 Million Private Jets. The Force Behind the Nike Empire | STANFORD magazine To this day, visitors to his office must remove their shoes--even their $180 Air Pamirs--before entering. Even if Johnson "only" got $10,000 in Nike stock, those shares would now be worth nearly $1 billion. Like this article? ". Understanding how Phil Knight made Nike a household name is easy. He was out there suffering and he opened a vein for you. "We don't always see things the same, but when our conversation is over I at least know he has listened to my perspective. The following year he transferred to Stanford University on a whim. ", Given Nike's tremendous success, the change was inevitable. Over the years, he's collected his thoughts about what made Pre an icon and shares them with high school runners when he speaks at camps, clinics and races. While he was waiting for the first Tiger samples to be shipped to Portland, a process which took more than a year, he took a job as a Certified Public Accountant (CPA) with Coopers & Lybrand, then with Price Waterhouse. ", His voice gets louder, his words faster. Knights memoir is yet another reminder that the Fed really doesnt much matter to economic growth. "What else you got?" Knight has given more than $1 billion to charity, including a $500 million donation to the University of Oregon Health & Science cancer center; $400 million to Stanford University to start the Rhodes Scholarship-inspired Knight-Hennessy Scholars graduate-level education program; and $105 million to the Standford Graduate School of Business. Some say the logo is worth the net worth of the Nike brand, valuing it as a more than $30 billion image. Family, Spouse, Dating, and Relationships of Jeff Johnson He married his wife Jacqueline in 2012. . Knight knows this well. He got in touch with Mattel, who gave Nike an exclusive for the material that they called phylon. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Jeff Johnson and Nike: A Key Early Employee. Jeff Johnson looks torn, but he doesnt want to quit. Knight was so impressed with both the quality and low production costs that he made a deal with Onitsuka to distribute Tigers in the United States. The incident became a symbol for those concerned with the inexorable and rapidly advancing influence of money in the world of athletics, obscuring or even warping the purity of the Games themselves. Precisely because theyre doing things differently, few take them seriously. Knight isn't wearing his ever-present Oakley sunglasses (he's rarely photographed without them), which is a bonus, as his pale blue eyes open wide and sparkle when a topic engages him. He was notorious for bringing a book to important meetings, pretending like he wasn't paying attention, then saying something brilliant, Chadwick says. And for those not familiar with Bastiat, Knight subscribes to the Joseph Kennedy view that war is bad for business. Yes it is. Phil and Penny, have been long time contributors and supporters for the University of Oregon athletic fund and have been honored by many times over by the school. Notable here is that Nike entered China early, in 1980, when it was a horrendously poor country. Woods may be the company's current star, but its controversial CEO and founder is the real story. Phil Knight Net Worth | Celebrity Net Worth "Until the third or fourth week, the possibility that I would never get out of a wheelchair was real. They had no more than two syllables and at least one exotic letter or sound in them with a Z, X or K. On a Thursday night that spring, Johnson drifted to sleep trying to dream up a catchy term that fit these parameters. For the first time, he was excited to read about something other than sports. So far, with Chadwick's help, they've converted about 12,000. Shoes cost $5, and you would come back from a five-mile run with your feet bleeding. In 2004, Matthew unfortunately passed away while scuba diving in El Salvador due to an undetected congenital heart defect. All net worths are calculated using data drawn from public sources. Johnson's selling strategy was similar to Knights, but he was better than him. Every day different. Johnson waited until it was later on the West Coast and called Nike headquarters. The open itinerary doesn't seem to faze him. The company came under fire in the early 1990s when there was a spate of shootings and knifings in American inner cities by teenagers coveting Nikes, which were just then pushing the $100 mark. He and his new passenger will travel according to the rhythm of the road and end up in Eugene in three days, completing Johnson's 18th cross-country road trip. Blue Ribbon Sports cleared $3,240 in its first year, 1964. Johnson's encyclopedic knowledge of the sport, however, convinced Wheating to do it. Phil Knight earned his net worth as the founder and largest individual shareholder. Johnson's stay in Boulder proved to be short-lived. Add a paid profile Advisors do not pay a fee for placement on Forbes Top Advisor. He holds Class A and Class B shares through a Delaware-based holding company appropriately named "Swoosh". In His Brilliant History Of Nike, Phil Knight Expertly - Forbes Theyll understand commerce and the crucial role of entrepreneurs quite a bit better, and then theyll never read economics commentary the same way again simply because Knights unputdownable book explains economics better than any economist could ever hope to. His involvement had always been focused on the startup phase, so he handed the Farm Team off to Frank Gagliano in 2001 and returned to New Hampshire. "We ran that business like a cross country team and Nike was the best team I was ever on," he says through a wide smile. It didn't come to him until later in life, well after he'd chased personal records, helped build Nike and coached youth runners. If, as Marshall McLuhan famously said, advertising is the greatest art form of the 20th century, then Nike is its Picasso, imaginatively expanding the parameters of the medium's use of the athlete-endorser. Knight is not one for reflection. And Jeff Johnson delivers results. Nike was perceived as demanding that its athletes put shoe company before country. One of Johnsons customers says that he can start getting Tiger running shoes from another seller a wrestling coach somewhere in the East Coast. Knight subscribes to the correct, Fredric Bastiat view of war. Before Johnson could drive again--he needed to pass a DMV test--he began running 50-yard dashes on the grass in front of his house, finding the faster he ran, the easier it was to balance. How does one trade and invest if the proceeds (yen, dollars, euros, Pounds, francs, etc.) As Knight recalls, Not one [student] asked a single question. One week went by before Johnson heard from anyone. Getting right to the point, governments can only tax and spend insofar as companies and individual investors have less money to spend on existing wages, along with expansion. Knight refined both his philosophy of life and business while in Japan. From the sources, it has been confirmed that his wife called 911 after he shot himself in front of her. solved mysteries in her spare time? The global expansion of Nike has been a certain enemy of poverty, but at the same time Knight writes with regret of three layoff periods in ten years that forced his company to lay off 15,000+. "Jeff thought the same kind of rubber would be a really interesting insole. The Real Reason, How Phil Knight started Nike when he was just 24 years old, The ups and downs of Nike over 20 years of business. How Jeff Johnson sold Nike's first shoes - Marketing Examples You could walk in off the street and be inspired by this guy," Johnson says. "I wasn't very good at the new job and I hated it," he says. There would be no Nike without Johnson, who provided the name. his co-worker asked. Ironically, the chairman of the company that has set the standard with its groundbreaking, creative advertising campaigns (It's Gotta Be the Shoes, Bo Knows, Just Do It, Griffey for President) had to be talked into advertising at all. Once dubbed the "most powerful man in sports" by the Sporting News, Knight presents himself as affable, albeit slightly stiff and a tad shy. "Nike is the prime representative of the way we overmarket and overadvertise and overdo everything these days," says Todd Boyd, a professor of critical studies in the USC school of cinema and television. Jeff Johnson's income source is mostly from being a successful . They greeted my passion and intensity with labored sighs and vacant stares. So did financial sources for years and years. In 2005, Kimball Union Academy basketball coach Dave Faucher tipped off his friend that he had a gangly 6-foot-5 player with explosive wheels on his team. "Sports is like rock 'n' roll," he says. Knight favored "Dimension Six," but his 45 employees thankfully laughed that one down. he toys with a can of Diet Pepsi or fiddles with the watch he took off at the start of the interview. From an economics standpoint, Knights recollection of nearly always being in debt for the first 18 years of the companys existence, of always fearing the one incorrect move that would bankrupt Nike, is instructive on its own. . With his trim beard, collar-length, wavy red-blond hair shrouding most of the gray, he suggests a record executive who looks and sounds remarkably like actor Donald Sutherland. ", "You know Frank Shorter's statement that everybody ran a 4:30 mile in high school? In April 2016, Simon & Schuster published Knight's memoir, "Shoe Dog". The club moved to Eugene in 2006 and morphed into the Oregon Track Club, of which Wheating and fellow Olympians Nick Symmonds and Ian Dobson are members. Johnson's free-thinking approach chafed against anything that gave off a whiff of buttoned-up corporate air. China is a large market for Nike precisely because the U.S. is a large market for Nike goods produced in China. Then, just 24 hours later, the other shoe dropped. Hes the author of the 2016 book Who Needs the Fed? And it was in Frank Shallenberger's small-business class that Knight conceived Nike. The company was growing at such a tremendous rate that Knight had to reorganize the roles of his top managers every six months. His death was confirmed by TMZ on 22nd November 2021. The richest golf stars of 2022 . "Other than that, I'm all of those things--most of those adjectives are right some of the time," he says. "I was the fifth-fastest miler on my Los Altos [San Francisco] high school team and ran 4:41.". Allen graduated from Harvard University summa cum laude and attended medical training at the MD/PhD program at Harvard and MIT. The day he was finally approved to drive, the first place he went was to his favorite riverside trail. Just about every item ever produced by Knights wondrous company was manufactured somewhere not the United States, not to mention that Knights financial savior in Blue Ribbons (Knights original shoe company before Nike) less prosperous days was a Japanese trading company, Nissho. In November 2004, he resigned as Nike's CEO, but he stayed on with the company as the chairman of the board. "Our business practices are no different than those of our competitors," he says. Michael Jordan Has Made Over $1 Billion From Nike - Forbes "Where some people look at a sky and see the clouds, Jeff will see the blue of it," says Lananna. Nike has been criticized for its low pay and abusive treatment of some workers. A huge order of new sample shoes was about to be shipped from Japan the following week and they were in danger of going out without any sort of branding. Knight writes about how some of his first employees, Jeff Johnson (employee #1) and Bob Woodell, still visit the companys stunning Beaverton, Oregon campus to tell stories of the early days. After returning from Japan in 1964, the 26-year-old Knight began peddling Onitsuka running shoes from the back of his green Plymouth Valiant at track meets across the Pacific Northwest. Knights story is unputdownable as both autobiography and business book, and then as an economics book, it is endlessly great. of trade are ever changing? Jeff Johnson, employee number one of Nike, and fellow Stanford runner whom Phil hired as he hasn't met anyone with his passion for running, suggested calling the firm "Nike," named after the Greek winged goddess of victory. 2023 Celebrity Net Worth / All Rights Reserved. But the world's largest athletic shoe and apparel company had triumphed again, creating a buzz for its masterful orchestration of Woods's coming-out party and raising hackles with its questionable use of race to promote him. Blue Ribbons first salesman, Jeff Johnson has a personality quirk he sends Phil mountains of letters, detailing his every development, every sale and notable customer. It owns a movie studio, theatres and a marketing company. But there was one tough component--the 1-mile warm-up. Thus, on January 25, 1964, Blue Ribbon Sports (BRS) was founded; this is the company that would later become Nike. "Hello, World.". Johnson let out a wild grunt that startled the aides and they accidentally let go of him. ", In the late 1990s, Johnson and Lananna created the Nike Farm Team, a training group for post-collegiate athletes based at Stanford, where Lananna coached at the time. His once-bouncy gait has returned to earth after grinding out an estimated 60,000 lifetime miles. Opinions expressed by Forbes Contributors are their own. Nike engineered shoes for the top echelon of athletes to compete and train in. He returned to coaching, something he did when he worked at the Nike factory, and began serving as a volunteer assistant for the local high school running programs around Lebanon. In a barrage of new TV spots and full-page newspaper ads, Nike unveiled its latest pitchman: pro golfer Tiger Woods. How Phil Knight turned a dream into a $25 billion fortune - CNBC Nor did he make "Just Do It" the slogan that best encapsulates the 1990s. For someone whose empire rests on visceral consumer reactions, Knight is remarkably self-contained. An avid photographer, Johnson snapped classic images of the many distance wunderkind in the 1960s and 1970s. He believed that shaving an ounce off a pair of shoes for a guy running a mile could make a big difference. Today, the average American boy owns 10 pairs of sneakers. Phil Knight controls 24 percent of the world's largest athletic shoe and sports apparel company, Nike. President Trump and many on his economic team regularly tell us that the China, Japan, Mexico and other foreign countries are beating us to a pulp. Funny is this ridiculous theory. Nike was accused of focusing its ad campaigns on children in the ghettos, although, ironically, athletic shoes are the most cross-cultural of commodities. So many days Nike nearly died thanks to a lack of funds, and it raises the question of how many other brilliant concepts died before their success could benefit people around the world as Nike has, not to mention the companys global base of well-healed employees. "Phil understands the symbolic power and attractiveness of sports," says A. Michael Spence, dean of the Stanford Graduate School of Business and a Nike board member. At the same time, its a good bet Knight would acknowledge that it wouldnt be Nike absent what was, and what is an increasingly integrated global economy. Contrary to what its enablers in the policy commentariat believe, government exists at the expense of work opportunity and rising wages. According to our Database, He has no children. For instance, Nike donated $25,000 to Tonya Harding's defense fund in 1994, in part to tweak Reebok, the sponsors of Nancy Kerrigan. In June 2015, Knight announced he was stepping down as Nike's chairman, and he officially retired from the company's board at the end of June 2016. Basketball royalty known for playing for the University of Central Florida Knights and the University of Illinois Fighting Illini. The Ducks ultimately recruited Wheating in 2006 and he went on to make the 2008 and 2012 U.S. Olympic teams. Map. The response from his top-of-the-heap MBA classmates was silence. 1. So, how much is Jeff Johnson worth at the age of 69 years old? Knight was raised in Portland, the son of a lawyer turned newspaper publisher. So Bowerman began making shoes himself, and since I wasn't the best guy on the team, I was the logical one to test the shoes.". Could Nike's Phil Knight Really Buy The Trail Blazers?