Elliott Hill Named New Nike CEO

Elliott Hill, a 32-year Nike veteran who began his career as an intern in 1988, has been appointed as the new CEO following John Donahoe's decision to step down amid declining sales and strained retailer relationships. Hill was brought out of retirement to rejuvenate the brand and reconnect with wholesale partners like Foot Locker and Macy's. Investors have responded positively to the announcement, with Nike shares rising by over 7%. Hill's leadership is expected to focus on product innovation and repairing retailer ties, aiming to reverse the company's recent market struggles and regain lost ground to competitors. The transition is seen as a move to bring back a deep understanding of Nike's culture and operations.