The sporting goods giant Nike is getting a new boss. Company veteran Elliott Hill is returning to Nike from retirement and is to take over the helm on October 14.
The previous boss John Donahoe will remain on board until the end of January as a consultant to ensure a smooth handover, Nike announced. Nike had appointed Donahoe, who had previously led the Ebay trading platform among others, as CEO at the beginning of 2020. The hope was that his experience in the tech industry could modernize the company.
His strategy included focusing more on direct sales. The downside, however, was that some of the shelf space given up by Nike in stores was filled by competitor products. After a boost during the coronavirus pandemic, when everyone had more time for sport, business quickly cooled down again. In the last financial year, which ended in May, sales stagnated at just under 51.4 billion dollars.
Nike is currently undergoing a cost-cutting program launched by Donahoe. During his previous time at Nike, Hill was responsible for the consumer business, among other things. Following the announcement, the change of CEO caused the share price to jump by around ten percent at times.
SDA
