8-K

                               UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, DC 20549


                                 FORM 8-K


                              CURRENT REPORT
 Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


   Date of Report (Date of earliest event reported): January 20, 2006


                                 NIKE, INC.

          (Exact Name of Registrant as Specified in Charter)


       Oregon                  1-10635                 93-0584541
    ____________             ____________             ____________

   (State of                  (Commission            (I.R.S.Employer
   Incorporation)            File Number)          Identification No.)

                             One Bowerman Drive
                         Beaverton, Oregon 97005-6453

                   (Address of Principal Executive Offices)
                          __________________________

                               (503) 671-6453

             (Registrant's telephone number, including area code)

                                NO CHANGE
                          ______________________
        (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under Exchange Act (17
    CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))

                          ___________________________

Item 1.01 Entry Into A Material Definitive Agreement

     In connection with the resignation of William D. Perez as President
and Chief Executive Officer of the Company as described in Item 5.02 below,
the Company and Mr. Perez entered into a resignation letter agreement on
January 20, 2006 pursuant to which they agreed that his resignation would
be treated as a termination by the Company without cause under his
employment agreement with the Company dated November 18, 2004.  If
terminated "without cause," Mr. Perez is entitled to receive certain
severance benefits related to salary, bonus, and equity compensation,
whereas upon a voluntary resignation Mr. Perez is not entitled to severance
benefits.  The approval by the Board of Directors of the resignation letter
agreement was based on the Board's determination that Mr. Perez would not
have resigned without the agreement.

     In accordance with the terms of the employment agreement and the
resignation letter agreement, (a) Mr. Perez will receive a payment of two
years' of his current annual base salary of $1.4 million per year, (b) Mr.
Perez will receive the greater of 100% of his fiscal year 2006 target bonus
of $1,750,000 under the Company's Performance Sharing Plan, or the payout
percentage certified by the Compensation Committee at the end of the fiscal
year, which may be up to 150% of the target bonus, (c) all restrictions
will lapse with respect to the remaining 66,667 shares of a Class B Common
Stock restricted stock bonus of 100,000 shares granted to Mr. Perez on
December 28, 2004 which were to vest over three years from the date of
grant, and (d) Mr. Perez will also vest in full with respect to the
remaining unvested 133,334 shares of his option to purchase 200,000 shares
of Class B Common Stock at an exercise price of $90.85, which was also
granted on December 28, 2004 and scheduled to vest over three years, and he
will have three years to exercise such option.

     The Company agreed to provide certain administrative services,
reimburse prepaid club expenses, and pay certain transportation costs,
transition costs, and moving costs which the Company estimates will total
approximately $150,000.  In addition, the Company will purchase Mr. Perez's
Portland, Oregon house, and reimburse him for payments incurred to remodel
and furnish the house, in an aggregate amount of approximately $3.6
million.

     The Company also agreed to pay to Mr. Perez a cash bonus to be
determined by multiplying $188,667 (representing two-thirds of his targeted
Long-Term Incentive Plan award for fiscal 2006) by the payout factor to be
determined under the terms of that award based on fiscal 2006 performance,
which payout factor may range from 0% to 150%.  The Company also agreed
that the restrictions will lapse with respect to one-fourth (or 5,709
shares) of a Class B Common Stock restricted stock bonus of 22,834 shares
granted to Mr. Perez on July 15, 2005, which originally was to vest over
four years.  The Company also agreed to accelerate vesting of one-fourth
(or 37,500 shares) of an option to purchase NIKE Class B Common Stock
granted to Mr. Perez on July 15, 2005 at an exercise price of $87.59, and
to extend the time in which he can exercise such option until December 31,
2006.

     It is anticipated that Mr. Perez will remain employed with the Company
for a period not to exceed 60 days so that he may consult with the Company
on transition matters.  He will be paid a salary not to exceed $10,000 per
month during that period.


Item 5.02 Departure of Directors or Principal Officers; Election of
          Directors; Appointment of Officers

     On January 20, 2006, William D. Perez resigned as a director and
President and Chief Executive Officer of the Company.  Also on January 20,
2006, the Board of Directors appointed Mark G. Parker as a director and
President and Chief Executive Officer of the Company effective immediately.
Charles D. Denson will become President of the NIKE Brand.  The Company
anticipates that Mr. Parker will serve on the Executive Committee of the
Board of Directors.

     On January 23, 2006, the Company issued a press release discussing the
above resignation and appointment, a copy of which is furnished herewith as
Exhibit 99.1.

     Mr. Parker, 50, has been employed by NIKE since 1979 with primary
responsibilities in product research, design and development, marketing,
and brand management. Mr. Parker was appointed divisional Vice President in
charge of development in 1987, corporate Vice President in 1989, General
Manager in 1993, Vice President of Global Footwear in 1998, and President
of the NIKE Brand in 2001.

     The Company's Compensation Committee has not yet considered what
adjustments will be made to Mr. Parker's compensation in connection with
his promotion to President and Chief Executive Officer.  A previous
agreement dated December 28, 2004 between Mr. Parker and the Company
contains a covenant not to compete that extends for two years following the
termination of his employment with the Company.  The agreement provides
that if Mr. Parker's employment is terminated by the Company at any time,
or if he voluntarily resigns after December 31, 2006 but before December 31,
2007, the Company will make monthly payments to him during the two-year
noncompetition period in an amount equal to one-twelfth of his then current
annual salary and target performance bonus ("Annual Nike Income").  The
agreement provides further that if Mr. Parker voluntarily resigns prior to
December 31, 2006 or after December 31, 2007, the Company will make monthly
payments to him during the two-year noncompetition period in an amount
equal to one-twenty-fourth of his then current Annual Nike Income.  If Mr.
Parker is terminated without cause, the parties may mutually agree to waive
the covenant not to compete, and if Mr. Parker is terminated for cause, the
Company may unilaterally waive the covenant.  If the covenant is waived,
the Company will not be required to make the payments described above for
the months as to which the waiver applies.  The Compensation Committee has
also not yet considered whether the foregoing agreement should be modified.


Item 9.01 Financial Statements and Exhibits

  (d) Exhibits.

    10.1  Resignation Letter Agreement between William D. Perez and the
          Company
    99.1  Press Release dated January 23, 2006





                             SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                          NIKE, Inc.
                                         (Registrant)

Date:  January 23, 2006
                                         /s/ Donald W. Blair
                                         __________________________
                                         By: Donald W. Blair
                                           Chief Financial Officer

EX-10

EXHIBIT 10.1



January 20, 2006

Board of Directors
NIKE, Inc.
One Bowerman Drive
Beaverton, Oregon 97005-6453

Re:   Resignation
      ___________

Dear Board Members:

     I have discussed with Chairman Phil Knight my continued service to
NIKE and the Board, and for various reasons unrelated to my performance,
I believe it may be best for me to resign as a director and officer of
NIKE, Inc.

     Accordingly, I am tendering my resignation to the Board upon the
condition that the Company agrees to treat the resignation as a
"termination without cause" under my employment agreement, in which
case the severance and vesting provisions shall apply upon termination
of my employment.  The Company will also agree to purchase my Portland
house for my original purchase price plus subsequent remodeling
expenses and purchases, and reimburse me for or provide certain other
transitional expenses and services that I have outlined to Lindsay
Stewart.  The resignation will be effective upon the Board's acceptance
of my resignation on these terms.

     While my employment agreement gives me an opportunity to be
notified of and to resolve any issues or concerns of the Board, I
understand the issues related to my resignation, and do not desire to
resolve them, so I waive that provision in the agreement.  I also agree
to release the Company from any liability related to my employment or
resignation, and I reaffirm my obligations under my non-competition
agreement.

     If this resignation is acceptable, kindly countersign this letter.
It has been a pleasure working with you.

                              Very truly yours,


                              William D. Perez



Accepted on behalf of the Company:

By:  ________________________________

Title:  _____________________________

EX-99

EXHIBIT 99

                          IMMEDIATE RELEASE

INVESTOR CONTACT:
Pamela Catlett
503.671.4589

MEDIA CONTACT:
Alan Marks
503.671.2673


                    Nike, Inc. Names Mark Parker CEO,
                         William D. Perez Resigns

               Charlie Denson appointed President, Nike brand

BEAVERTON, OR (January 23, 2006) - The Board of Directors of NIKE, Inc.
(NYSE:NKE) today announced the appointment of Nike brand co-President
Mark Parker as the company's new President and Chief Executive Officer
following the resignation of William D. Perez. Parker also succeeds
Perez on the company's Board of Directors.

The board and Perez mutually agreed to end his relationship with the
company without cause, citing differences regarding leadership between
Perez and Philip H. Knight, Nike's founder and board chairman. In
naming Parker as CEO and a director, the board turned to a seasoned
Nike veteran with 27 years of experience at the company who has been
involved in many of Nike's most significant product innovations and
integrated brand campaigns. He also has been one of the key executives
leading the company's long-term strategic planning. Since 2001, Parker
and co-President Charlie Denson have successfully led the Nike brand
during a period of strong financial performance and growth. Denson will
now lead the Nike brand as president.

Commenting on the management changes, Knight said: "Succession at any
company is challenging, and unfortunately the expectations that Bill
and I and others had when he joined the company a year ago didn't play
out as we had hoped. I want to personally thank Bill for his dedication
and commitment over the past year."

"Mark has a proven track record in driving creativity, innovation and
growth," Knight said. "He's an experienced, talented executive and has
played an instrumental role in building our business and making the
Nike brand as strong as it is today. Mark is the right person to drive
our business forward."

Parker, 50, joined Nike in 1979 and has served in various management
capacities in product design, development, marketing and brand
management. He is widely recognized as the product visionary for the
Nike Air franchise and many other industry-leading product design and
performance innovations. Prior to heading the Nike brand, Parker ran
the company's multibillion dollar footwear and apparel businesses.

"I've spent my life building the Nike brand, and I'm excited to lead
one of the world's most dynamic organizations," Parker said. "I am
committed to continue delivering profitable growth for our shareholders,
creating distinctive product innovation and compelling brand
connections for consumers, and building strong relationships with our
retail partners. We have a strong management team in place that I will
continue to develop, and I have tremendous confidence in our ability to
continue growing the Nike, Inc. portfolio and delivering long-term
value to shareholders."

Denson, 49, president of the Nike brand, also is a Nike veteran with
broad, global experience. He joined Nike in 1979, starting as an
assistant manager in one of Nike's original retail stores in Portland,
Oregon. He has held a variety of senior general management roles
including leadership of Nike's U.S. and European businesses.

Perez joined Nike in December 2004 after a long career with S.C.
Johnson, based in Racine, Wisconsin.

"I have great respect for the Nike brand, the company and the board,"
Perez said. "Nike is an incredible organization with tremendous growth
opportunities. However, Phil and I weren't entirely aligned on some
aspects of how to best lead the company's long-term growth. It became
obvious to me that the long-term interests of the company would be best
served by my resignation."

Conference Call for Analysts and Investors
To discuss these changes with analysts and investors, the company will
hold a conference call at 1 pm EST today.

U.S. Locations:      (800) 289-0572
International Locations:      (913) 981-5543

The call also will be webcast live at www.NikeBiz.com/invest. If you
are unable to participate in the conference call or would like to
access a replay of the call, it will be available beginning January 23,
2006 through January 30, 2006.  From U.S. locations, dial (888) 203-
1112 and enter conference number 7082410 when instructed to do so.
From international locations, dial (719)457-0820.  A replay of the call
will also be available at www.NikeBiz.com/invest.


About NIKE, Inc.
NIKE, Inc. based in Beaverton, Oregon is the world's leading designer,
marketer and distributor of authentic athletic footwear, apparel,
equipment and accessories for a wide variety of sports and fitness
activities. Wholly-owned Nike subsidiaries include Converse Inc., which
designs, markets and distributes athletic footwear, apparel and
accessories; Bauer NIKE Hockey Inc., a leading designer and distributor
of hockey equipment; Cole Haan, a leading designer and marketer of
luxury shoes, handbags, accessories and coats; Hurley International LLC,
which designs, markets and distributes action sports and youth
lifestyle footwear, apparel and accessories and Exeter Brands Group LLC,
which designs and markets athletic footwear and apparel for the value
retail channel.