Nike's CEO Mark Parker will be taking a drastic pay cut this year to the tune of 71 percent of his income, according to CNN Money, which looked at the company's regulatory filings. That means his compensation will go from $47.6 million to $13.9 million.
To put it into perspective, in 2016, Parker claimed the No. 14 spot in the New York Times' ranking of highest paid CEOs.
The pay cut comes after a year of poor sales and a layoff of 1,000 employees in June.
CNBC Make It contacted Nike for comment, but the company could not be reached.
Nike is not the only company to have senior executives take drastic pay cuts over the years. Here are five other CEOs who've had this happen:
Target's CEO Brian Cornell saw his compensation decline after the company failed to meet financial targets, according to Reuters.
When Cornell joined the company in 2014, his total compensation was $28.2 million. Last year, his compensation package was slashed by almost a third to $11.3 million.
This year, Apple's CEO Tim Cook took a pay cut after the company saw sales decline for the first time since 2001, according to the AP. Apple also sold fewer iPhones for the first time since the device was released in 2007.
In January, the chief executive was hit with a 15 percent cut, bringing his valued compensation down from $10.3 million to $8.7 million, says the AP.
In 2015, Chipotle's co-CEOs, Steve Ells and Monty Moran, saw their total compensation slashed by almost half, says .
The reason: The eatery has been battling food contamination scares. After the company's first 2015 contamination issue, Chipotle saw a 44 percent decline in profit.
Ells' pay dropped from $28.9 million to $13.8 million and Moran's dropped to $13.6 million from $28.1 million, according to a regulatory filing.
Last year, the CEO made $22 million down from $23 million in 2015, making him the third-highest paid CEO of the six largest U.S. banks, according to Bloomberg.
BP agreed to cut CEO Bob Dudley's pay this year after the company posted financial losses, according to .
The oil and gas company will slash about $6 million from Dudley's maximum pay over the next three years. The CEO's annual pay is expected to be about $15.22 million, which is down from his previous pay of $22.7 million.
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