Fri Sep 20 13:43:17 UTC 2024: ## Nike Appoints Former Executive as CEO Amid Sales Slump

**Beaverton, OR** – Nike (NKE) shares soared over 7% in early trading Friday after the company announced the appointment of Elliott Hill as its new CEO and president, effective October 14th. The appointment comes amidst a challenging period for Nike, marked by slowing sales growth and concerns over the company’s direct-to-consumer strategy.

Hill, a seasoned Nike executive who retired in 2020, will succeed John Donahoe, who is stepping down as CEO but will remain an advisor to the company until January 2025. Hill brings with him a wealth of experience, having previously led Nike’s consumer and marketplace business, overseeing commercial and marketing operations for both Nike and the Jordan brand.

“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, make him the right person to lead Nike’s next stage of growth,” said Nike executive chairman Mark Parker in a statement.

The news has been met with enthusiasm from analysts, with Bernstein senior analyst Aneesha Sherman noting, “This is very good news for the stock. Elliott Hill has worked at Nike for 32 years. He’s a product guy. He’s ran retail in [Europe, Middle East, Africa] and US in North America. He knows the company and the product very well.”

Nike’s stock has taken a hit this year, plummeting over 25% as the company grapples with slowing revenue growth. The company reported a decline in quarterly revenue for the fourth quarter, falling below Wall Street expectations. The drop was attributed in part to a decline in direct-to-consumer sales, which fell 8% year-over-year.

Hill’s appointment comes as Nike faces intense competition in the athletic footwear market, battling rivals like Adidas and up-and-comers On and Hoka. Investors are closely watching Nike’s product pipeline and strategy to reclaim its market share and reignite growth.

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