Nike has appointed Eliott Hill, Former Senior Executive, as the brand’s new President and CEO. He will replace John Donahee as a part of leadership shakeup to revive Nike’s faltering sales, and fend off rising competition.
With over 32 years of experienceduring his earlier stintat Nike, Hill held several leadership roles across Europe and North America besides playing a pivotal role in growing the company’s revenues to over $39 billion. Before his retirement in 2020, Hill served as president of consumer marketplace, overseeing commercial and market operations for both the Nike and Jordan brands.
To soon step down from his company, Donahoe focused on strengthening Nike’s online presence and driving direct-to-consumer sales during his stint. This strategy helped Nike achieve over $50 billion in annual sales in fiscal 2023. However, recent sales have slowed due to inflation-affected consumers cutting back on discretionary spending, as well as a sluggish recovery in key markets like China.
Nike's growth has also been hindered by a lack of innovative, attention-grabbing products, as competitors such as On, backed by Roger Federer, and Deckers’ Hoka have drawn customers with more trendy and fashionable offerings.
Speculation about a leadership change had been mounting after billionaire investor William Ackman revealed a stake in Nike. While Ackman has not publicly shared his plans for the company, his involvement added to the anticipation of Hill’s appointment as CEO.
