What Happened: Nike announces Elliott Hill as the new CEO, replacing John Donahoe, sparking excitement among employees and boosting stock by 9%.
What you need to know: Nike has announced that CEO John Donahoe will retire on October 13, and will be succeeded by longtime company veteran Elliott Hill. Donahoe, who joined Nike’s board in 2014 and became CEO in January 2020, will be stepping down after nearly five years at the helm. Hill, who started at Nike as a sales intern in 1988, rose through the ranks to become president of consumer and marketplace by 2020.
What more: Reports suggest that Hill was previously a top contender to succeed Mark Parker as CEO when Parker transitioned to the role of executive chairman. However, Donahoe was chosen for the position, prompting Hill to leave the company shortly after. Now, Hill is making a return as CEO and will also join Nike’s board.
Also: The news of Hill’s appointment has been met with strong approval from Nike employees and stockholders. Following the announcement, Nike’s stock surged by 9% in after-hours trading, according to CNN. Additionally, Fast Company’s Mark Wilson reported that many employees were so excited by the news that they left work early to celebrate. Hill’s return is seen as a positive move for Nike, especially given his long history with the company and deep understanding of its operations and culture.