Nike CEO John Donahoe to Retire, Elliott Hill Appointed

Nike CEO John Donahoe will retire on October 13, 2024, after nearly five years, during which the company faced challenges and competition from emerging brands. He will be succeeded by Elliott Hill, a former executive who brings over 30 years of experience at Nike, effective October 14, 2024. Hill's appointment comes as Nike aims to revive sales amid market share losses and a recent forecast predicting a decline in annual sales to $48.84 billion. Analysts express optimism about Hill's return, citing his institutional knowledge and focus on innovation and storytelling as potential solutions to the company's recent struggles. Following the announcement, Nike's shares surged over 7%, reflecting investor confidence in Hill's leadership. The company has also been restructuring, previously announcing job cuts to achieve cost savings amidst softer sales.