Elliott Hill, a veteran of the company, will return to lead Nike as CEO following John Donahoe’s retirement.
- John Donahoe steps down from Nike’s CEO role on 13 October, remaining as an advisor until 31 January 2025.
- Elliott Hill, who first joined Nike in 1988, will begin his CEO tenure on 14 October after leaving the company in 2020.
- Elliott Hill expresses his enthusiasm for leading Nike into the future, focusing on innovation and partnerships.
- Nike’s revenue for the fiscal year ending May 2024 sees a slight increase despite challenges from emerging competitors.
Elliott Hill is set to take the helm at Nike as the new CEO, following the announcement of John Donahoe’s retirement. Donahoe, who has guided the company since 2020, will officially retire on 13 October but will continue as an advisor until 31 January 2025. This leadership change marks a notable shift in Nike’s management.
Elliott Hill, who began his journey with Nike as a sales intern in 1988, will rejoin the company on 14 October. During his prior tenure, Hill significantly contributed to Nike’s development and left in 2020. Now, embracing the role of CEO, Hill is poised to steer Nike through its next chapter of growth.
Hill conveyed his deep connection to Nike, stating, “Nike has always been a core part of who I am, and I’m ready to help lead it to an even brighter future.” He emphasizes his commitment to reconnecting with employees and partners while aiming to develop pioneering products that resonate with consumers.
Despite a challenging market landscape marked by increased competition from new rivals like On and Hoka, Nike reported a modest rise in its annual revenue. For the fiscal year ending 31 May 2024, the sportswear titan generated $51.4 billion (£40.6 billion) in revenue, slightly up from $51.2 billion (£40.5 billion) the previous year. Gross profit also grew by 3% to $22.9 billion (£18.2 billion).
Hill’s leadership is anticipated to invigorate Nike’s strategic direction, capitalising on the brand’s robust heritage and market position. His return signifies a reinforcement of Nike’s foundational values, with an emphasis on creating bold, innovative products and fostering substantial relationships across the industry.
Elliott Hill’s return as CEO is expected to drive Nike into a promising future, leveraging both continuity and innovation.
