Departing CEO John Donahoe was criticized for Nike’s innovation deficit. Elliott Hill, 60, is a respected Nike veteran, but analysts have questions.
There was little surprise when the sports giant revealed late Thursday that “the board and John Donahoe have decided he will retire from his role” as president and CEO as of Oct. 13, but there was some relief. ’s stock was up 6 percent to $85.81 in morning trading Friday, boosting the company’s market capitalization by more than $7 billion to $129 billion.
“Moving from his position as a Nike outside director to the CEO office, Donahoe had a tough row to hoe, arriving within weeks of the onset of the COVID-19 virus — and was widely lauded for his efforts to shepherd this iconic company through the deadly pandemic.of plunging sales, a brand that was nearing its sell-by date — and a pervasive lack of innovation in such core categories as run and apparel — Donahoe was unable to stem the tide,” Johnson said.
Before retiring in 2022, Hill, 60, was president of consumer and marketplace, leading all commercial and marketing operations for the Nike and Jordan brands. Neil Saunders, managing director of GlobalData, said, “Sending a signal to the market is one thing, convincing consumers is quite another. Nike has a long road to travel in order to compete more successfully against younger, nimbler brands. And its reinvention coincides with a period of soft sneaker demand.”
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