Notice: Nike CEO John Donahoe Steps Down as Veteran Elliott Hill Returns to Lead World's Biggest Sportswear Company

Nike, the world's biggest sportswear company, announced on 19 September 2024 that chief executive John Donahoe would retire on 13 October, making way for company veteran Elliott Hill to return as president and CEO, BBC News reported. Donahoe would stay on in an advisory role until early 2025 to "ensure a smooth transition." Shares rose more than 9% in after-hours trading following the announcement.

What the company announced

In a statement, Nike said the board and Donahoe had "decided he will retire from his role." Donahoe commented: "It became clear now was the time to make a leadership change," adding that Hill was the right person for the job. Hill, who retired from Nike just four years earlier after serving in a number of senior leadership roles in Europe and the United States, said he was "eager to reconnect" with former colleagues. "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 added.

• John Donahoe retired as president and CEO on 13 October 2024
• Elliott Hill returned as president and CEO effective 14 October 2024
• Donahoe joined Nike's board in 2014, became CEO in January 2020
• Hill had retired from Nike four years earlier after senior roles in Europe and the US
• Shares rose more than 9% in after-hours trading on the announcement
• Donahoe remained in an advisory role until early 2025

Context: a challenging tenure

Donahoe's time at the helm was marked by huge shifts in the retail landscape during the pandemic and the inflation spike that followed. He was responsible for boosting Nike's online presence and driving more sales directly to customers rather than through partner retailers. However, demand for Nike's trainers faltered in international markets such as China, and the stock price slumped. The company also faced intensifying competition from newer rivals On and Hoka, which some analysts described as more innovative and better attuned to current trends.

Nike had hoped that new products and a marketing campaign around the Paris Olympic Games would help bring shoppers back to the brand. The leadership change suggests the board concluded that a different approach was needed. Hill's deep institutional knowledge of Nike's operations and culture, built over decades before his retirement, positions him to reconnect with the company's core strengths in product innovation and athlete endorsement.

Company details

Nike, Inc. (NYSE: NKE), headquartered in Beaverton, Oregon. Official website: nike.com.