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Nike announced on Thursday that CEO John Donahoe will be stepping down, with company veteran Elliott Hill returning from retirement to take over as the new leader. Donahoe, who has been at the helm since January 2020, will retire on October 13, with Hill assuming the position the next day. Shares surged 8% in after-hours trading following the news.
In a statement, Nike’s executive chairman, Mark Parker, expressed confidence in Hill’s abilities to lead the company through its next phase of growth. Nike has been undergoing a restructuring process as it shifts focus to direct-to-consumer sales. The company faced challenges in innovation and product development amidst its transition to selling through its own stores and website.
Hill, who originally started at Nike as an intern in the 1980s, worked his way up the ranks to become president of the consumer and marketplace division before retiring in 2020. He is now returning to guide Nike towards a brighter future. Under Donahoe’s leadership, Nike experienced growth in annual sales, but also faced setbacks in its direct selling strategy.
Hill’s appointment is seen as a positive move for Nike, as he brings a deep understanding of the company’s culture. With a focus on rebuilding morale and enhancing product offerings, Hill aims to steer Nike back to its market-leading position in the athletic apparel industry.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.
