Nike Appoints Elliott Hill as New CEO, Stock Surges 10% After John Donahoe's Departure

Sep 19, 2024, 10:08 PM

Nike has announced a significant leadership change with the departure of CEO John Donahoe and the appointment of Elliott Hill as the new CEO. Hill, a veteran of the company with 32 years of experience, started his career at Nike as an intern and has held 19 roles within the company. This change comes amid rising competition and strategic missteps that have pressured Nike's sales. Following the announcement, Nike's stock surged 10% in after-hours trading. Hill's compensation as CEO will include an annual base salary of $1.5 million. The move is seen as a positive step towards revitalizing the brand, with Hill expected to focus on repairing relations with retailers and addressing direct-to-consumer challenges. Phil Knight had previously backed Donahoe despite growing concerns, with Donahoe's contract originally set to expire in Spring '25.