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Nike chief executive John Donahoe will retire next month in an abrupt leadership change punctuating a period of dour financial performance at the world’s largest sportswear maker.
Nike’s board of directors said on Thursday that Elliott Hill, a Nike veteran who previously served as president of consumer marketplace before retiring in 2020, will return to take the top job effective October 14.
Donahoe, formerly of Bain consulting and eBay, was only the second chief executive in Nike’s half-century history to be hired from outside the company, and has served in the role since January 2020. He initially won praise for steering the brand through the coronavirus pandemic and accelerating its shift towards direct to consumer sales.
But in recent months, Nike has ceded market share to competitors including upstarts On and Hoka, and the company lowered its guidance in June, leading to a dramatic stock sell-off.
Nike shares, which are down 24 per cent in the year to date, rose almost 10 per cent after the change was announced.
This is a developing story