Nike CEO John Donahoe will step down from his role on October 13, Nike confirmed to Business of Fashion on Thursday. Elliott Hill, who spent 32 years at the sportswear giant before retiring in 2020, will return to Nike as the brand’s president and CEO on October 14.
Amid heightened pressure to push Nike’s sales back into positive territory and public criticism for the label’s lack of product innovation under his leadership, Donahoe released a statement recognizing the brand’s need for a new CEO: “It became clear now was the time to make a leadership change, and Elliott is the right person. I look forward to seeing Nike and Elliott’s future successes.”
Donahoe, formerly CEO of Bain and eBay, took Nike’s top seat in January 2020, following the departure of Mark Parker, who served as the company’s president and CEO for 14 years. Since then, many of the brand’s senior leaders have exited the company or have been affected by rounds of lay-offs, leaving the brand in the hands of a less-tenured high-level team. Fans of Nike have expressed frustrations with the brand’s excessive dependence on retro sneaker models, as well as its move away from wholesale; as a result, consumers turned to competitors, causing Nike’s sales to fall to new lows: the company reported a mere 1% growth across the last fiscal year, and the label’s current forecasts would see its sales fall to their lowest in 26 years.
With more than three decades of experience at the brand, Hill has a significantly stronger grasp on how to maintain, elevate and propel the Swoosh label. He started at Nike as an intern in 1988, and he held several senior leadership positions at the company across North America and Europe throughout his 32 years working there. Most recently, he acted as Nike’s President of Consumer and Marketplace; now, he’s stepping into the label’s highest role at one of its lowest points.
“Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, 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,” Parker told the outlet.