According to Bloomberg, Nike has hired retired executive Tom Peddie to oversee retail partnerships after sales dropped when relationships with sneaker sellers went down. Peddie is an executive who worked at Nike for 30 years before retiring in 2020. According to an internal memo seen by Bloomberg, he returned to his former employer as VP of Marketplace Partners on June 24.
Bloomberg understands that Nike is trying to rebuild relationships with its retailers after pulling its products from many stores in favor of its DTC strategy, which involved increasing sales through its own stores, e-commerce and apps. This resulted in Nike’s stock falling 33 percent this year.
“As we continue to focus and improve our capabilities in our wholesale business, I am confident that Tom will bring both vision and bold leadership to accelerate the Marketplace strategy,” Craig Williams, Nike’s President of Geographies and Marketplace, said in the memo.
Peddie held several executive positions during his career at Nike. Most recently, he served as VP and General Manager of North America.
