Nike CEO, John Donahoe, will be stepping down on October 13, according to a company press release.
He will be replaced by Hill, the former president of the company’s consumer and marketplace division who retired from the company in 2020.
Donahoe grew annual Nike sales from $39.1 billion in fiscal 2019 to $ 51.4 billion in fiscal 2024. However steps to cut off wholesale suppliers led to competitors replacing Nike on wholesale shelves.
“Leadership changes are never easy, they test you, they challenge you, but this transition has been handled with remarkable thoughtfulness and an unwavering commitment to Nike,” said Nike co-founder Phil Knight iun a statement. “Looking forward, I couldn’t be more excited to welcome Elliott back to the team.”
Eliot started working for Nike as an intern in the 1980s.
“Nike has always been a core part of who I am, and I’m ready to help lead it to an even brighter future,” Hill said in a statement.
By Staff
