Nike CEO out, replaced by veteran former executive
A veteran Nike executive is returning to take the reins of the athletic footwear and apparel giant.
Nike said that its board and current chief executive John Donahoe “have decided he will retire” from his role as president CEO and from the Nike board, effective Oct. 13. Donahoe will be replaced in the role by Elliott Hill, who will also become a director of the Nike board and a member of the executive committee.
Donahoe, who has served as Nike’s CEO since January of 2020, will remain as an advisor to the company through Jan. 31.
Throughout the course of his 30-plus years career at Nike, Hill held senior leadership positions across Europe and North America and was responsible for helping grow the business to more than $39 billion. Before retiring in 2020, he was president of consumer and marketplace, leading all commercial and marketing operations for Nike and Jordan Brand, including the P&L across the company’s four geographies.
“Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the board concluded it was clear Elliott’s global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees make him the right person to lead Nike’s next stage of growth,” said Mark Parker, executive chairman of Nike. “Personally, I have worked with Elliott for more than 30 years and I look forward to supporting him and his senior management team as they seize the opportunities ahead.”
“I would like to thank John for his contributions to Nike as President and CEO, and as a board member," he continued. "I would particularly like to recognize the role he played in leading the company during the COVID pandemic and his unwavering support for the investments Nike has made in our communities around the world."
Nike has struggled in recent quarters, with critics citing a lack of product innovation as emerging rival brands such as Deckers’ Hoka grab market share.
“Nike has always been a core part of who I am, and I’m ready to help lead it to an even brighter future,” said Hill. “For 32 years, I’ve had the privilege of working with the best in the industry, helping to shape our company into the magical place it is today. I’m eager to reconnect with the many employees and trusted partners I’ve worked with over the years, and just as excited to build new, impactful relationships that will move us ahead. Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.”
Nike’s stock rose 9% after the change was announced during after-hours trading Thursday.
“It’s been an honor and privilege to be part of this incredible company, and I’ll always value my time at Nike and the opportunity to lead the organization," said Donahoe. "I have great respect for Phil, Mark, Nike and its employees. It became clear now was the time to make a leadership change, and Elliott is the right person."
