Nike has tapped Elliott Hill, a long-time veteran of the company who retired in 2020, as its new President and CEO, effective Oct. 14, 2024. Hill will replace John Donahoe, who is retiring but will remain as an advisor through Jan. 31, 2025 to smooth the transition.
“I am excited to welcome Elliott back to Nike,” said Mark Parker, Executive Chairman of Nike, Inc. in a statement. “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.”
Nike has faced headwinds in recent years, and in January 2024 the brand laid out a plan to cut up to $2 billion in costs over the coming three years, in part by simplifying its product assortment and increasing its use of automation. For its fiscal year 2024, which ended May 31, 2024, Nike boosted revenues by just 1%, rising from $51.2 billion in FY 2023 to $51.4 billion. For Q4 2024, Nike’s revenues fell 2% compared to the same period the previous year, from $12.8 billion to $12.6 billion.
Additionally, Donahoe, along with the company and its CFO Matthew Friend, were named in a securities class action lawsuit filed by a Nike shareholder in June 2024 claiming the company misled investors about the financial effects of prioritizing DTC sales.
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Hill already has had two stints at Nike, the first beginning when he served as an intern and apparel sales rep starting in 1988, according to his LinkedIn profile. More recently, beginning in 2006, he held positions of increasing responsibility at the company, culminating as President, Consumer and Marketplace, where he led all commercial and marketing operations for Nike and Jordan Brand.
“Nike has always been a core part of who I am, and I’m ready to help lead it to an even brighter future,” said Hill in a statement. “For 32 years, I’ve had the privilege of working with the best in the industry, helping to shape our company into the magical place it is today. I’m eager to reconnect with the many employees and trusted partners I’ve worked with over the years, and just as excited to build new, impactful relationships that will move us ahead.”
