The Board of Directors of Nike Inc. announced late on Sept. 19 that Elliott Hill will become President and Chief Executive Officer of the company, effective Oct. 14, 2024. Hill will also become a Director of the Nike Board of Directors and a member of the Executive Committee.
This move shows that Nike wants to find its way back to the old, established and successful path it had before the pandemic. Now is not the time to test even more uncharted territory – that may be the lesson Nike has learned after the recent weak financial results. A little surprising, or maybe not when it’s about Nike, is that the company has picked a person who retired from the company in 2020.
“I am excited to welcome Elliott back to Nike,” said Mark Parker, Executive Chairman. “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. Personally, I have worked with Elliott for more than 30 years, and I look forward to supporting him and his senior management team as they seize the opportunities that lie ahead,” he concluded.
Nike has a lot on its plate. The company struggles with its profitability, and earlier this summer, a lot of new leading roles in the company were changed.
The Board and John Donahoe decided that the latter will retire from his role as President and CEO and from the Nike Board of Directors on Oct. 13. He will remain an advisor to the company to ensure a smooth transition until Jan. 31, 2025.
“I would like to thank John for his contributions to Nike as President, CEO and board member,” added Parker. I would particularly like to recognize the role he played in leading the company during the COVID pandemic and his unwavering support for the investments Nike has made in our communities around the world.”
“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. ”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. Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come.”
Throughout his career at Nike, Hill held senior leadership positions across Europe and North America and was responsible for helping grow the business to more than $39 billion. Before retiring in 2020, he was President - Consumer and Marketplace, leading all commercial and marketing operations for Nike and Jordan Brand, including P&L across the company’s four geographies. He retired from Nike in 2020.
“It’s been an honor and privilege to be part of this incredible company, and I’ll always value my time at Nike and the opportunity to lead the organization,” said Donahoe. “I have great respect for Phil, Mark, Nike and its employees. It became clear now was the time to make a leadership change, and Elliott is the right person. I look forward to seeing Nike and Elliott’s future successes.”
