Nike has announced the retirement of its current CEO John Donahoe, effective October 14, 2024, and the appointment of Elliott Hill, a former senior executive, as his successor. This leadership change comes as Nike faces declining sales and increased competition, with its shares having fallen 24% in 2024 before a 9% rise in after-hours trading following the announcement. Hill, who has a 32-year history with Nike and previously led its commercial and marketing operations, will also serve on the board of directors. Analysts suggest that his familiarity with the brand and internal teams could boost morale and help the company refocus on its competitive advantages. Under Donahoe's leadership, Nike expanded its online presence but struggled with product innovation and consumer engagement, particularly in the face of rising competition from brands like Hoka. The company aims to save $2 billion over the next three years as it restructures its strategies to regain market traction.