Nike Appoints Elliott Hill as New CEO, Stock Rises 10%

Sep 20, 2024, 08:11 AM

Nike has announced a significant leadership change, with John Donahoe stepping down as CEO and Elliott Hill, a long-time company veteran, taking over the role. Donahoe's departure comes amid declining sales and rising competition, which have put pressure on the sportswear giant. Under Donahoe's nearly five-year tenure, Nike's stock fell by approximately 20%, and the company lost nearly $40 billion in market value. Hill, who started his career at Nike as an intern 32 years ago, is expected to focus on repairing retailer relationships and boosting demand. The market reacted positively to the news, with Nike's stock rising by up to 10% after hours. Hill's annual base salary as CEO will be $1.5 million. Donahoe's contract was set to expire in Spring 2025.