After four years in command at Nike, CEO John Donahoe is handing over the helm to Elliott Hill, a 60-year-old executive who has spent more than half his life at the footwear empire. Hill joined Nike in 1988 as an intern and was heading commercial and marketing operations for Nike and the Jordan brand when he retired after 32 years in early 2020, just as Donahoe’s tenure started.
Donahoe, a Silicon Valley veteran, came aboard to lead the company’s digital transformation mere weeks before Covid-19 pandemic lockdowns began in 2020. That focus worked wonders while restrictions lasted, with stores shut and customers able to purchase goods only online.
As the public returned to in-person shopping, however, the cracks in Donahoe’s strategy began to show. His newly implemented changes and his focus on virtual sales steered Nike away from what its customer base loved the most: design innovation, branding, and a powerful message that made the logo unique.
Nike reached its per-share peak at $177 late in 2021 and posted record revenues of $50 billion in 2023. But a surprise forecast of a 5% dip in fiscal-2025 sales in June sent the stock tumbling. A $28.4 billion drop in market value, to $75 a share, wiped out 20% of shareholder wealth in just one day.
The board rushed to find a replacement for Donahoe. Announcing Hill’s appointment, Executive Chairman Mark Parker, Nike’s longtime CEO until January 2020, praised the new chief’s “global expertise, leadership style, and deep understanding of our industry and partners,” stressing his “passion for sport, our brands, products, consumers, athletes and employees.”
Nike’s stock climbed 9% on the news.
As he prepared to take over on October 14, Hill said he was “eager to reconnect” with his former colleagues and looking forward “to delivering bold, innovative products” that “captivate consumers for years to come.” The job won’t be easy; he will need to renovate the brand, improve revenues and restore customers’ faith. But the boost that comes from renewed confidence in top management and a seamless transition of power are expected to give him a good running start.
