Nike has announced that Elliot Hill, a former senior executive, will become its new President and CEO, effective October 14th. He will succeed John Donahoe, who will step down after leading the company for five years and will remain an advisor until January 31, 2025. The decision is made as the giant of sportswear shuffles its executive team in an attempt to boost sales and combat growing competition.
Nike’s new CEO is expected to increase the company’s efforts to repair relationships with retailers to boost sales, reversing the strategy of outgoing CEO John Donahoe, who focused on selling directly through its stores and website. Investors now have more faith in the company to turn things around after years of strategy errors and fierce competition.
Hill, a former Nike employee, is returning for a second stint. He started working at Nike in 1988 as an intern and advanced through 19 positions, including president of the consumer and marketplace, before retiring in 2020. He worked for Nike for 32 years, rising to senior leadership roles in both North America and Europe and contributing to the company’s $39 billion growth. Prior to his retirement in 2020, he served as President of Nike’s Consumer Marketplace, overseeing all marketing and sales initiatives for the Jordan and Nike brands. Before retiring in 2020, he oversaw overseeing all marketing and sales operations for Nike and its Jordan brand and contributing to the company’s growth to more than $39 billion (£29 billion) in sales.
Donahoe, who has overseen Nike since January 2020 and was previously an executive at eBay and Bain Consulting, was given the responsibility of growing Nike’s online presence and boosting sales through direct-to-consumer channels.
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