Nike ignites Wall Street with CEO change

(Boursier.com) — Nike jumped 7% before the stock market opened on Wall Street on Friday. The group has just announced the appointment of Elliott Hill as its new CEO and president, replacing John Donahoe who is stepping down next month. Hill will therefore return as CEO on October 14, after leaving the group in 2020. He previously held management positions at Nike in Europe and North America. Before his departure, he was notably responsible for the iconic Jordan brand.

John Donahoe’s Nike has been a disappointment in recent years, and the stock has lost a quarter of its value this year. Revenue fell 2% in the most recent reported quarter, with management citing short-term challenges. Nike is currently pursuing a three-year initiative to cut $2 billion in costs.

Elliott Hill – unlike Donahoe who had led eBay, Bain Capital or ServiceNow – is almost a “pure Nike product”. He joined the group straight after his studies in 1988 – the period of the famous slogan “Just do it”. After many roles within the group with the comma, Hill notably took over the head of Nike’s team sports division and the vice-presidency of global retail. Before leaving Nike in 2020, he was president of the Consumer & Marketplace segment for Nike and the Jordan brand.