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BY Christopher Zara3 minute read Shares of Nike (NYSE: NKE) jumped in after-hours trading on Thursday after news broke that CEO John Donahoe is leaving the company and will be replaced by Elliott Hill, a Nike veteran who had held a number of senior positions before retiring in 2020. Upon Hill's return, he will become chief executive and president of Nike, the company said, as well as a director of the board. Nike shares were up more than 8% after hours as of late Thursday afternoon.
The stock has generally underperformed this year and is down around 24% year to date. According to a press release, Donahoe and the board "have decided" that Donahoe will retire from both his chief executive role and from the company's board, although he will stay on in an advisory role during the transition through January 2025. The leadership change will be effective on October 14.
Subscribe to the Compass Newsletter. Fast Company's trending stories delivered to you daily Privacy Policy | Fast Company Newsletters A rocky tenure The news follows a challenging year for the sportswear giant, and comes after a rocky tenure for Donahoe, who succeeded longtime CEO Mark Parker in January 2020. Parker is now executive chairman of the company.
In a statement, he enthusiastically welcomed Hill back. "Given our needs for the future, the past performance of the business, and after conducting a..
. Christopher Zara.
