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Will Nike increase its market share in the sportswear industry in Q4 2024?
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Nike Appoints Elliott Hill as New CEO, Stock Surges 10% After John Donahoe Steps Down
Sep 19, 2024, 09:25 PM
Nike has announced a significant leadership change as John Donahoe steps down from his role as CEO. Elliott Hill, a long-time company veteran with 32 years of experience at Nike, will take over as the new CEO. Hill's extensive background includes holding 19 different roles within the company, starting as an intern and helping to take the Jordan brand global. The announcement has been well-received by investors, with Nike's stock surging by approximately 10% in after-hours trading. Hill's compensation as CEO will include an annual base salary of $1.5 million. This leadership change comes amid rising competition and strategic challenges for Nike, including a decline in sales. Donahoe's tenure, which saw backing from Phil Knight and influence from Bill Ackman, saw the company's stock drop by 16.6%, and his departure follows a broader trend of leadership changes in major companies facing market pressures.
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