Additional Coverage:
- Nike is bringing back a long-time exec as CEO — and he could be what the sportswear brand needs (newsbreak.com)
Nike has appointed Elliott Hill as its new CEO, effective October 14th. Hill, who previously retired from Nike in 2020, will succeed John Donahoe.
This move is part of Nike’s efforts to address its recent business challenges. The company has been implementing cost-cutting measures, including job cuts, to save $2 billion over the next three years.
Hill has held various leadership roles at Nike over three decades, most recently as President of Consumer and Marketplace. He is known for his strong relationships within the company and with retail partners.
Analysts believe that Hill’s return will boost morale and help Nike focus on its core strengths in product and marketing. Nike shares surged 10% in after-hours trading following the announcement.
The appointment of Hill, along with the recent hiring of another Nike veteran, Tom Peddie, signals the company’s reliance on experienced insiders to navigate its current challenges.