Nike CEO Transition and Market Reaction - Nike's stock surged more than 8% following the announcement of CEO John Donahoe's departure, with shares rising over 5% on Friday alone [1][2] - Elliott Hill, a former Nike executive with over 30 years of experience, returned as the new CEO, aiming to boost employee morale and focus on consumer-centric strategies [1][3] - Under Donahoe's leadership, Nike lost nearly $40 billion in market capitalization, and its shares have declined by almost 20% since January 1 due to inflation and competition [2][5] Financial Performance and Challenges - Nike achieved over $50 billion in annual sales for the first time in fiscal 2023, but analysts project a decline to $48.87 billion for fiscal 2025 [4] - The company faces challenges from inflation-weary consumers reducing discretionary spending and slower-than-expected recovery in China [5] - Intensifying competition from brands like Hoka and On is pressuring Nike's market dominance in the athletic and leisure industry [5] Leadership Compensation and Investor Influence - John Donahoe earned nearly $104 million in pay and benefits during his tenure, with $35 million tied to equity awards, placing him in the top 0.1% of US CEOs [2][5] - Bill Ackman's Pershing Square Capital Management acquired 16.3 million Nike shares, signaling support for Hill as the new CEO [2] Strategic Focus and Employee Engagement - Hill plans an all-hands meeting on October 14 and encouraged employees to share their concerns and questions directly with him [3] - He emphasized the need for speed, urgency, and a consumer-first approach in his introductory video message to employees [3]

Nike surprises Wall Street with a CEO change.Being in Nike (NKE 6.21%) stock hasn't exactly been a winning game in recent years. Shares of the iconic athletic shoe maker have badly trailed the returns of the S&P 500 index over the last decade.But Nike shares are running higher today. After jumping nearly 9% Friday morning, as of 10:35 a.m. ET, the stock was still trading higher by 5.8%. That's because investors hope the stock's long-lasting slump is coming to an end with a CEO replacement.Nike's been losing ...

Nike Inc (NYSE:NKE) stock is up 5.5% at $85.42 at last glance, after news that CEO John Donahoe is retiring in October and will be replaced by former executive Elliott Hill, who is coming out of retirement for the role after working 32 years at the company. Donahoe's stint at the helm has been rocky, and investors are optimistic about the change. The stock has yet to recover from June 28, when it dropped 22.4% for its worst day ever after mixed earnings results and a guidance warning. Still, today's pop has ...

HONG KONG, CHINA - 2021/10/07: Children play in front of the American multinational sport clothing ... [+] brand Nike store, logo, with a slogan "Just Do It" illuminated banner in Hong Kong. (Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesNike just announced that CEO John Donahoe will retire on October 13 to be replaced by longtime Nike stalwart Elliott Hill. Donahoe joined Nike’s board in 2014 and became CEO in January 2020. Hill came to Nike as a s ...

Key TakeawaysNike shares traded sharply higher in pre-market trading Friday after the world’s largest athletic apparel and equipment company announced Elliott Hill will replace John Donahoe as CEO amid a leadership shakeup aimed at reviving sales and competing more effectively with rival brands.Buyers have successfully defended a retracement to the neckline of a triple bottom, a chart pattern that typically forms after a prolonged downtrend and signals a potential price reversal. Investors can watch key ove ...

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Nike's new CEO, Elliot Hill, admitted things "haven't been easy" for the brand in a message to staff.Hill, a Nike veteran, will replace John Donahoe as CEO.He said employees need to show "speed and urgency" to turn the sneaker brand around. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're ...

Nike is naming Elliott Hill, a company veteran of more than 30 years, as its new CEO.In the past few years, Nike relied too much on recycling old styles, an analyst told BI.Hopefully, the new hire will help Nike re-focus on a culture of innovation, he said. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized f ...

The Nike board of directors has announced a leadership transition that will see Elliott Hill, the company’s former president for consumer and marketplace, who retired in 2020, return to the company as president and CEO.The board also said in a Thursday (Sept. 19) press release that current President and CEO John Donahoe will retire from those roles and from the Nike board of directors effective Oct. 13. To ensure a smooth transition, Donahoe will remain as an adviser to the company through Jan. 31.Donahoe s ...

Key TakeawaysNike shares surged in extended trading Thursday after the global shoe and athletic apparel company named Elliott Hill its CEO, replacing John Donahoe.Hill will return to Nike after retiring in 2020, which at the time marked the end of a long career at the company.It's been a tough year for Nike, and Hill will have the task of reviving a stock that lost about a quarter of its value from the start of 2024 through Thursday's close. Nike (NKE) shares surged in extended trading Thursday after the gl ...