Nike shakes up leadership in efforts to revive sales

Photo by Jonathan Cooper on Unsplash

The athletic giant announced that Donahoe will be replaced by Elliott Hill, a veteran former Nike executive.

Donahoe will also step down from the board of directors. However, he will remain as an advisor to the company to ensure a smooth transition through 31 January 2025.

Donahoe was tasked with bolstering Nike's online presence and driving sales through direct-to-consumer channels. The push initially helped the company build on the demand for athletic and leisurewear following the pandemic, resulting in Nike exceeding $50bn in annual sales in fiscal 2023 for the first time.

However, sales have since come under pressure and growth has slowed, according to estimates compiled by LSEG. Nike's annual sales are expected to fall to $48.84bn.

Elliott Hill will become president and CEO of Nike, effective 14 October 2024. Source: x.com/JoePompliano

Elliott Hill, who in 2020 retired as the company’s president of consumer and marketplace, will succeed Donahoe as president and CEO starting 14 October 2024.

Hill was at Nike for 32 years and held senior leadership positions across Europe and North America where he helped expand the business to more than $39bn.

“Nike has always been a core part of who I am, and I’m ready to help lead it to an even brighter future. For 32 years, I’ve had the privilege of working with the best in the industry, helping to shape our company into the magical place it is today,” said Hill.

“I’m eager to reconnect with the many employees and trusted partners I’ve worked with over the years, and just as excited to build new, impactful relationships that will move us ahead. Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.”

He was previously Nike's president, consumer marketplace, leading all commercial and market operations for the Nike and Jordan brands before retiring in 2020.

“I am excited to welcome Elliott back to Nike. Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott’s global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike’s next stage of growth,” said Mark Parker, executive chairman of Nike.