Nike turns to veteran Elliott Hill as new CEO to steer brand’s fortunes

Sports footwear giant Nike announced on Thursday that Elliott Hill will take over as Chief Executive Officer, succeeding current CEO John Donahoe, who is set to retire. Hill, a Nike veteran with over 30 years of experience at the company, returns after a three-year hiatus, having previously served as President of Consumer and Marketplace before retiring in 2020.

Hill’s appointment comes at a pivotal time for Nike as the company looks to revitalize growth and innovation. Bringing a wealth of knowledge and leadership experience to the role, Hill’s return has sparked optimism among analysts, many of whom believe his deep institutional expertise will help restore Nike’s product innovation and storytelling prowess.

During Donahoe’s tenure, Nike shifted its focus toward digital and direct-to-consumer sales, which helped grow annual revenue from $37 billion in 2020 to $51 billion in 2023. However, this strategy also led to a reduced presence with third-party sellers like Foot Locker, which created opportunities for competitors like Adidas and New Balance to capture more market share.

“I started my career at NIKE as an intern in 1988, taking on 19 different roles within the organization before retiring in 2020 as President,” Hill shared on LinkedIn. During his last stint, he was responsible for Nike’s global commercial and marketing operations and helped grow the company’s revenue to $39 billion.

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Mark Parker, Nike’s executive chairman and former CEO, praised Donahoe for successfully guiding the company through the pandemic and expressed confidence in Hill’s ability to lead Nike into its next phase. “Elliott’s global expertise, leadership style, and passion for sport make him the right person to take Nike forward,” Parker said in a statement.

Hill, who began his career at Nike as an intern in 1988, expressed his excitement about returning to the company and leading its next chapter of innovation and consumer engagement. “Nike has always been a core part of who I am, and I’m ready to help lead it to an even brighter future,” Hill said. His appointment was also applauded by Nike founder Phil Knight and Apple CEO Tim Cook, who serves as Nike’s lead independent director.

Nike’s challenges include adjusting its direct-to-consumer strategy, which faced setbacks, including a 2% revenue decline in the most recent quarter. Despite this, Nike is committed to returning to product innovation and bold brand marketing as it seeks to reclaim its dominance in the competitive sportswear market.

Hill’s leadership is expected to guide Nike through these challenges and reinforce the company’s standing as a leader in the sports industry.