Nike's new CEO: What to know
Incoming president and CEO Elliott Hill is a Nike veteran
FOX Business Flash top headlines for September 19
Check out what's clicking on FoxBusiness.com.
In a surprise move, Nike, Inc. on Thursday announced CEO John Donahoe will be retiring Oct. 13 and will be replaced by Elliott Hill, who will serve as president and chief executive and serve on the board of directors and executive committee.
The move comes as the athletic giant struggles with a slumping stock price and competition from smaller rivals. The stock jumped in extended trading on the news.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NKE | NIKE INC. | 75.10 | +1.74 | +2.37% |
Hill will be tasked with turning around the company. Here's what to know about the incoming CEO:
NFL STAR JUSTIN FIELDS, REEBOK TEAM UP FOR NEW SHOE COLLECTION
Nike is bringing longtime company veteran Elliott Hill out of retirement to serve as its new CEO. (Nike / Fox News)
Back from retirement
Hill retired from Nike in 2020 after a long career with the company, but the board and Executive Chair Mark Parker asked him to come back, citing their many years of working together.
Nike career
Before retiring four years ago, Hill was president, consumer and marketplace, leading all commercial and marketing operations for Nike and Jordan Brand. He previously spent more than 30 years at the company and held several executive leadership positions.
In the last quarter, the Jordan brand, created for NBA star Michael Jordan, hit nearly $7 billion in sales, up 6% from the prior year.
The Chicago Bulls' Michael Jordan dunks during All-Star Weekend in Seattle on Feb. 8, 1987. (Andy Hayt/Sports Illustrated via Getty Images / Getty Images)
Why Elliott Hill?
"The board concluded it was clear Elliott’s global expertise, leadership style and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes and employees, make him the right person to lead Nike’s next stage of growth," said Mark Parker, executive chairman of Nike.
NBA LEGEND MICHAEL JORDAN'S $14.9 MILLION CHICAGO ESTATE HAS A POTENTIAL BUYER
Nike has tapped longtime company veteran Elliott Hill as its incoming CEO. (Reuters/Lucy Nicholson/File Photo / Reuters Photos)
Education
Hill is a graduate of Texas Christian University (TCU) and Ohio University and serves on the board of trustees for TCU.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NKE | NIKE INC. | 75.10 | +1.74 | +2.37% |
Nike stock slump
Nike, Inc.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Nike's stock is down 24% year to date, versus the S&P 500's nearly 20% rise.