Nike (NKE) shares jumped nearly 8% in pre-market trading Friday after the world's largest athletic apparel and equipment company announced Elliott Hill will replace John Donahoe as CEO amid a leadership shakeup aimed at reviving sales and competing more effectively with rival brands.
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Stacey Widlitz, President at S-W Retail Advisors and Dealmakehers CO-Founder, discusses Nike's leadership change, praising the return of an experienced executive to boost innovation.
Nike's new CEO, Elliot Hill, admitted things "haven't been easy" for the brand in a message to staff. Hill, a Nike veteran, will replace John Donahoe as CEO.
That strategy had taken a back seat under outgoing chief John Donahoe.
Nike veteran Elliott Hill is returning to lead the company as its CEO, replacing John Donahoe. The company offered Hill $27 million in compensation, $2 million less than Donahoe's 2023 earnings.
Share in Nike Inc (NYSE:NKE, ETR:NKE)surged more than 7% in after hours trading as the trainer giant announced boss John Donahoe is to step down with former executive Elliott Hill to take the helm. Nike has been losing market share to a new, younger breed of trainer makers such as the Roger Federer-backed ON and colour-focused Hoka, while its traditional markets such as China have slowed.
Elliott Hill started at Nike as an intern in 1988 but steadily scaled its ranks, banking on values of grit and hard work ingrained in him as the son of a single mom in a working class Texas neighborhood.
Nike is naming Elliott Hill, a company veteran of more than 30 years, as its new CEO. In the past few years, Nike relied too much on recycling old styles, an analyst told BI.
There has been a big C-suite shake-up at Nike (NKE). CEO John Donahoe is retiring.
Nike (NKE) CEO John Donahoe is stepping down, to be succeeded by Elliott Hill as chief executive and president of the athletic apparel company. Hill will also be joining Nike's board of directors and executive committee.
The Nike board of directors has announced a leadership transition that will see Elliott Hill, the company's former president for consumer and marketplace, who retired in 2020, return to the company as president and CEO. The board also said in a Thursday (Sept.