Nike has announced a significant leadership change. Current CEO John Donahoe, who has been leading the company since 2020, will step down, and Elliott Hill, a long-time executive with more than 30 years of experience at Nike, will take over. Hill is returning to the company after a four-year break, and his expertise and knowledge are expected to help the company navigate current challenges, including declining sales and increasing competition in the sports footwear and apparel market.
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During his tenure, Donahoe focused on digital transformation and expanding direct sales channels, which helped the company grow during the pandemic. However, in recent years, sales have slowed, and Nike is facing rising competition from brands like Hoka and On. This situation, combined with increasing pressure from investors, led to the decision for leadership change. According to analysts, the move has been positively received by investors, as reflected in the company’s stock price surge after the announcement.
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Hill will now have to not only drive product innovation but also rebuild relationships with wholesale partners, which Nike had partly moved away from due to its direct sales strategy.
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