Nike Changes CEO
23.09.2024 1908

Nike Changes CEO

In a major restructuring, the US sportswear giant announced that CEO John Donahoe is stepping down and will be replaced by former Nike chief executive Elliot Hill.

Elliott Hill is a Nike veteran who held senior positions at the company in Europe and North America for 32 years before retiring in 2020. Effective October 14, he will become Nike's president and CEO, join the company's Board of Directors, and be a member of the Executive Committee.

John Donahoe will step down on October 13. However, he will remain with the company as an advisor until January 31, 2025, to ensure a smooth transition. Nike CEO Mark Parker thanked him for his contributions to Nike, especially his role in guiding the company through the COVID-19 pandemic.

After shifting its strategy and focus to grow direct-to-consumer sales, Nike acknowledged it had gone too far in its efforts to move away from wholesale partners and embarked on a broader restructuring. After reporting 1% annualized revenue growth, excluding currency effects, of $51,2 billion in the fiscal year that ended on the last day of May, the company warned it expected sales to fall 10% in the current quarter.

Marina Shumilina

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In a major restructuring, the US sportswear giant has announced that CEO John Donahoe is stepping down and will be replaced by former Nike executive…
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