Nike Inc. has appointed Elliott Hill as its new president and CEO to succeed John Donahoe, who is set to retire next month. Hill, who previously held leadership roles at the company across Europe and North America, had retired in 2020 after serving as the president of consumer and marketplace operations for Nike and the Jordan brand. The decision comes as Nike faces challenges with a recent 2% revenue decline in its most recent quarter, ending on May 31. Donahoe stated the company is addressing these near-term obstacles while progressing in vital areas for Nike’s future.
In an effort to reduce costs and focus on growth opportunities in areas like sport, health, and wellness, Nike had announced in February its plan to cut 2% of its global workforce, amounting to over 1,600 jobs. As a result of the new leadership announcement, Nike’s stock surged nearly 8% after the close of regular trading on Wall Street, following a year-to-date decrease of about 24%. Hill’s return to the company signifies a shift in leadership during a critical time for Nike as it navigates its position in the market and embarks on a new phase under his leadership.
