Nike appoints Elliott Hill as new CEO on Oct. 14
- Elliott Hill will become Nike's CEO on October 14, 2023, following John Donahoe's retirement.
- Under Donahoe's leadership since January 2020, Nike's revenue growth has been disappointing, with only a 20% increase.
- Hill's extensive experience at Nike and successful track record in marketing may help restore the company's market position.
Nike has announced the retirement of its current CEO, John Donahoe, effective October 14, 2023. Elliott Hill, a long-time employee with a marketing background, will take over the leadership role. Under Donahoe's tenure since January 2020, Nike's performance has been lackluster, with only a 20% revenue increase over nearly four years. His strategy focused on direct-to-consumer sales, which inadvertently hurt brick-and-mortar retailers and led to inventory shortages. Hill's appointment is seen as a potential turning point for the company, as he has a history of successful product innovation and marketing during his previous tenure at Nike, where the stock saw a remarkable return of 1,047%. Many believe that Hill's leadership could restore Nike's market position and improve its financial performance, reversing the negative trends experienced under Donahoe's management.