Nike stock pops after retailer names former executive Elliott Hill as CEO

Published On Sep 20, 2024, 9:43 AM

Nike's stock surged more than 7% after the announcement that Elliott Hill, a former executive with extensive experience at the company, will take over as CEO on October 14. Hill, who previously ran Nike's consumer and marketplace division, is expected to help revitalize the brand amidst declining sales and market competition. Current CEO John Donahoe will retire the day before and transition to an advisory role. The stock had taken hits earlier this year due to slowing revenue and disappointing forecasts, but the leadership change is seen as a positive development by analysts.