Nike Brings Back Retired Executive to Fix Falling Retail Sales

Nike Inc. has rehired a retired executive to oversee its retail business after relationships with sneaker retailers soured and sales fell.

Tom Peddie, a veteran executive who worked at Nike for 30 years before the company announced his retirement in 2020, is returning to his role as vice president of market partners, according to an internal memo seen by Bloomberg.

Nike has been trying to rebuild relationships with its retailers, such as Foot Locker Inc., after pulling products from many stores in favor of its own stores, e-commerce and apps under Chief Executive John Donahoe. The company’s shares have fallen 33% this year through Monday as sales continue to fall.

“As we continue to focus on building the strength of our wholesale business, I am confident that Tom will bring both the vision and bold leadership to accelerate our Marketplace strategy,” Craig Williams, Nike’s president of geographies and markets, said in the memo.

Peddie has held several executive positions throughout his Nike career, most recently as vice president and general manager of North America. He was scheduled to return to Nike on June 24, according to the memo.

Peddie and a Nike spokesman did not immediately respond to requests for comment.