- Nike boss steps down as company veteran returns
- Elliott Hill to take over leadership of the world’s largest sportswear brand
- Nike facing increasing competition in the retail sector
Nike CEO John Donahoe will step down next month, making way for company veteran Elliott Hill to take over leadership of the world’s largest sportswear brand amid increasing competition in the retail sector.
In a statement, Nike announced that Donahoe will retire on October 13 but will stay on in an advisory role until early 2025 to help ensure a smooth transition.
The company has faced slowing demand for its sneakers in key international markets like China, and its stock price has taken a hit recently. However, Nike shares surged over 9% in after-hours trading following news of Hill’s return.
Donahoe, who joined Nike’s board in 2014 and became CEO in 2020, was credited with expanding the brand’s online presence and driving more direct-to-consumer sales, reducing reliance on third-party retailers. His tenure saw significant challenges, including shifts in the retail landscape during the pandemic and rising inflation.
Nike has also faced growing competition from emerging brands like On and Hoka, which many analysts say are more in tune with current trends and innovations. The company had been counting on new products and a marketing push around the upcoming Paris Olympics to boost sales.
Elliott Hill, a longtime Nike executive, previously retired from the company four years ago after holding several senior leadership roles in both Europe and the U.S. His return is expected to bring fresh energy as the company navigates a competitive retail environment.
