Nike Announces CEO Transition: John Donahoe Out, Elliott Hill In, Stock Surges 9%

Sep 19, 2024, 08:29 PM

Nike, Inc. has announced that its current CEO, John Donahoe, will retire on October 13, 2024. He will be succeeded by Elliott Hill, a long-time Nike veteran who previously retired in 2020 after 32 years with the company. Hill will assume the roles of President and CEO effective October 14, 2024. Following the announcement, Nike's stock surged by 9% in after-hours trading. Hill's compensation package as President and CEO includes an annual base salary of $1.5 million. The leadership change is seen as a positive move for the company, with Hill being well-regarded within Nike for his extensive experience, having held 19 roles, and understanding of the brand.