Nike CEO John Donahoe will retire on October 13, with Elliott Hill, a former Nike executive, taking over. Hill, who retired in 2020, previously served as Nike's president of consumer and marketplace. Donahoe will remain an advisor until January 31. This leadership change comes amid challenges, including a 2% revenue drop and a shift in Nike’s direct-to-consumer strategy. Hill is expected to refocus on product innovation and strengthen retail partnerships.
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NikeNike announced that CEO John Donahoe will retire on October 13, with Elliott Hill, a longtime Nike executive, stepping into the role on October 14. Hill, who previously served as Nike’s president of consumer and marketplace before retiring in 2020, will also join the board of directors and executive committee. Donahoe, who has been credited with steering Nike through the pandemic, will remain with the company as an advisor until January 31.
The leadership change occurs as Nike faces challenges, including a 2% drop in revenue in its most recent quarter. Nike has been working to correct a direct-to-consumer (DTC) strategy that went too far, affecting its wholesale partnerships. Donahoe acknowledged in March that adjustments were needed to the strategy, which led Nike to reembrace key wholesale partners. A class-action lawsuit earlier this year also accused Donahoe and CFO Matt Friend of misleading investors regarding the DTC strategy’s success.
Nike’s Executive Chairman, Mark Parker, expressed confidence in Hill, highlighting his global expertise, leadership style, and passion for the brand. Hill, who started as a Nike intern in 1988, has held various roles, including director of team sports and vice president of U.S. commerce. Hill expressed his excitement about returning to Nike, emphasizing his dedication to innovation and strengthening relationships with employees and partners.
As the company looks to return to its competitive advantages, Hill’s leadership is expected to boost internal morale and focus on product and marketing innovation.
Source: GLO
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