Nike has announced its president and CEO John Donahoe’s upcoming retirement effective October 13, 2024. Donahoe will remain an advisor until January 31, 2025, to ensure a smooth transition. Elliott Hill, who previously held senior leadership roles at Nike, will succeed Donahoe as president and CEO and join the Nike Board of Directors.
Mark Parker, Nike’s executive chairman, expressed appreciation for Donahoe’s leadership, particularly during the COVID-19 pandemic, and his efforts to bolster Nike’s community investments. Parker also welcomed Hill back, citing his global expertise, leadership style, and passion for Nike’s brand and consumers as key factors in the decision.
Hill, who left Nike in 2020, previously led commercial and marketing operations for both Nike and Jordan brands. His return comes at a time when Nike has faced challenges, including declining sales. In 2024, Nike’s market value dropped by 19.2%, resulting in a loss of over $32 billion. The company also confirmed a workforce restructuring plan affecting 2% of its global staff, with further reports indicating job cuts at Converse.
Hill’s appointment signals Nike’s intention to navigate through these challenges and drive future growth.
