Nike Kirby Lee-USA TODAY Sports

Over the past few decades, sportswear giant Nike has emerged as one of the most iconic and recognizable brands on the planet, but the company has fallen under som hard times of late. And it sounds like many executives are going to lose their jobs as a result.

According to a report from Matthew Kish of The Oregonian, Nike is laying off 740 workers, and a pretty significant portion of those struck by the layoffs are executives.

“The sportswear giant in April said it would eliminate 740 Oregon jobs, part of a 2% reduction in its global workforce and an ongoing $2 billion cost-cutting effort. Nike has been losing ground against smaller, nimbler rivals and focusing on developing new products,” Kish wrote this week.

“The company recently provided a list of 732 jobs it eliminated this year to the state’s Higher Education Coordinating Commission, as required when mass layoffs occur. The list shows Nike laid off 32 vice presidents, 112 senior directors and 174 directors, accounting for more than 40% of the jobs the company eliminated.”

This comes after Nike saw the largest single-day dip in its stock price in company history last month after it announced an expected decline in sales.

Clearly, things are not going well for Nike.

[The Oregonian]