The chief executive of sportswear giant and retailer Nike is to stand down next month and be replaced by a veteran of the business.
Nike boss John Donahoe will retire in mid-October, handing the reins to Elliott Hill.
Donahoe will retain an advisory role until the new year, to ensure a smooth handover at Nike. He hands over after underperformance at the business, which has faced rising competition from newer brands such as Hoka and On Running.
Hill, who had retired in 2020, formerly held a variety senior positions at Nike across Europe and North America. Nike said he “was responsible for helping grow the business to more than $39 billion”.
Nike executive chair Mark Parker said: “I am excited to welcome Elliott back. 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.”
Hill said: “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.
”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.”
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