Nike announced that CEO John Donahoe will retire on October 13, 2024, making way for company veteran Elliott Hill to take over as President and CEO. Donahoe will remain in an advisory role until early next year to facilitate a smooth transition.
The news sent Nike’s stock up more than 9% in after-hours trading, signaling investor confidence in the leadership change.
Donahoe joined Nike’s board in 2014 and became CEO in 2020. His tenure included a focus on boosting Nike’s digital presence and driving more direct-to-consumer sales, bypassing traditional retail channels.
However, the company has faced challenges, including declining demand in international markets like China and stiff competition from newer brands like On and Hoka.
Elliott Hill, who retired from Nike in 2020 after serving in various senior roles across Europe and the U.S., will return to lead the sportswear giant. Hill expressed his excitement to reconnect with the team and continue pushing Nike’s innovative product offerings.
In a statement, Donahoe said, "It became clear now was the time for a leadership change," and he expressed confidence in Hill’s ability to guide Nike into its next phase of growth.
Nike’s announcement comes as the company looks to revitalise its brand with new product lines and marketing campaigns, including those centered around the upcoming Olympic Games in Paris.