In a major leadership shift, Nike has announced that John Donahoe will step down as CEO on October 13, 2024, making way for the return of company veteran Elliott Hill. Donahoe, who took the reins in 2020, led Nike through a turbulent period marked by the COVID-19 pandemic and a shift towards a Direct-to-Consumer (DTC) strategy, which was met with mixed results. Despite some growth in digital sales, Nike’s stock faced a significant decline during his tenure, including a steep 48% drop over the last three years.
Elliott Hill, who previously served as Nike’s President of Consumer and Marketplace before retiring in 2020, returns with a mission to restore the brand’s market momentum. His leadership helped drive Nike’s global expansion, and under his guidance, the company saw its revenue rise to $39 billion. Hill’s deep familiarity with Nike’s operations, brand, and consumers positions him as a critical player to lead the company through its next phase.
Donahoe, who will remain in an advisory role until January 2025, expressed confidence in Hill’s ability to lead Nike into the future. Meanwhile, Nike’s board, including executive chairman Mark Parker, echoed the sentiment, highlighting Hill’s proven leadership and strategic vision.
As the company looks ahead, Hill’s return has already sparked optimism, with Nike’s stock seeing a nearly 10% boost following the announcement. His experience and commitment to reconnecting with Nike’s core values are expected to play a pivotal role in revitalizing the brand and driving its next phase of innovation.
