Nike on Tuesday named David Denton as CFO, replacing Matthew Friend, as the footwear maker struggles through a turnaround amid supply chain issues and stiff competition.

Denton, 60, joins Nike from Pfizer, where he has been the finance chief since May 2022. His appointment is effective August 17.

Denton was CFO at home improvement goods retailer Lowe’s before moving to Pfizer and was in a similar role at CVS Health during his two-decade stint with the company.

Friend joined Nike in 2009 and took over the CFO role 11 years later after leading the company’s numerous divisions.

The U.S. drugmaker announced Denton’s resignation on June 18.

Nike also said its quarterly results, which are expected on June 30, will include a fresh benefit from tariff refunds.

(Reporting by Juveria Tabassum in Bengaluru; Editing by Anil D’Silva)