Nike names company veteran Elliott Hill as new CEO; John Donahoe to retire

Sep 19, 2024 - 20:56

The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, U.S., March 19, 2019. REUTERS/Carlo Allegri/File Photo

Sept 19 (Reuters) - Nike said on Thursday that former senior executive Elliott Hill will rejoin the company to succeed John Donahoe as president and CEO, as the sportswear giant shakes up its top rank amid efforts to revive sales and battle rising competition.

The company's shares were up 9% in extended trading.

John Donahoe,CEO of Nike, Inc., attends the annual Allen and Co. Sun Valley Media Conference in Sun Valley, Idaho, U.S., July 7, 2022. REUTERS/Brendan McDermid/File Photo

Hill was at Nike for 32 years and held senior leadership positions across Europe and North America and was responsible for helping grow the business to more than $39 billion, Nike said.

Hill previously was president, consumer marketplace at Nike, leading all commercial and market operations for Nike and Jordan brand, before retiring in 2020.

Donahoe was tasked with bolstering Nike's online presence and drive sales through direct-to-consumer channels.

The push initially helped the company build on the demand for athleisure following the pandemic, resulting in Nike touching more than $50 billion in annual sales in fiscal 2023 for the first time.

However, sales have since come under pressure and growth has slowed with LSEG expectations of Nike's annual sales at $48.87 billion for fiscal 2025 as inflation-weary customers cut back on discretionary spending and a slower-than-expected rebound in growth market China.