Nike boss steps down as company veteran returns

Published On Sep 19, 2024, 6:23 PM

Nike's CEO, John Donahoe, will step down on October 13, 2024, making way for Elliott Hill, a long-time Nike veteran, to return as the company's president and CEO. This leadership change comes amid declining demand for Nike products in markets like China and increasing competition from newer companies. While Donahoe's leadership saw a boost in Nike's online sales, it faced significant challenges such as inflation and evolving consumer trends. After the announcement of Hill's return, Nike's stock price saw a 9% increase in after-hours trading, suggesting a positive investor sentiment towards this leadership transition.