Nike taps new CEO amid DTC challenges

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Dive Brief:

• In the midst of correcting a DTC strategy that went too far, Nike CEO John Donahoe is leaving the business, the company said in a Thursday press release. He will retire from the company on Oct. 13.
• Elliott Hill, a longtime Nike executive who retired in 2020, will take on the position come Oct. 14. Before leaving the sportswear giant four years ago, Hill was Nike’s president of consumer and marketplace, overseeing all commercial and marketing operations for Nike and the Jordan brand.
• Upon taking on the new role, Hill will also become a member of the board of directors and of the executive committee. Donahoe will stay on as an adviser for Nike through Jan. 31, 2025.

Dive Insight:

Nike is switching chief executives amid a series of stumbles that have caused disappointing performance at the sportswear giant, which saw revenue fall 2% in its most recent quarter.

In a statement, former chief executive and current Executive Chairman Mark Parker thanked Donahoe for his contributions, particularly in leading the company through the pandemic, and said he was “excited” to welcome Hill back to the brand.

“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,” Parker said in a statement. “Personally, I have worked with Elliott for more than 30 years and I look forward to supporting him and his senior management team as they seize the opportunities ahead.”