Nike CEO John Donahoe To Step Down Amid Nike’s Struggle 2024, Elliott Hill Returns
Written by djfrosty on September 23, 2024
Source: Nike / NIke
It’s no secret that the sneaker game has taken a nose dive in recent years, and while that can be attributed to many factors (over saturation, price hikes, resellers, etc.), Nike seems poised to have a helluva 2025 thanks to the pending return of many sought after classic silhouettes.
Still, the hype around many of Nike’s releases in the coming new year doesn’t seem to have been enough to save the job of its CEO, John Donahoe, who will be stepping down as the Swoosh brand continues to struggle on the marketplace and continues to see its stock tumble as Nike’s releases continue to brick worldwide.
According to the New York Times, Donahoe took over as Nike’s CEO after Elliott Hill retired from the position back in 2020 when the sneaker game was at the height of its popularity even as the COVID-19 pandemic disrupted life all around the globe. Unfortunately, it seems like Donahoe has since been viewed as someone who lacked the kind of “innovator and marketer” that Nike wanted to take them to the next level.
Source: Nike / NIke
Now that Donahoe is out his predecessor, Elliott Hill, will be coming out of retirement to once again take the helm of the “struggling” conglomerate that is Nike and do what he can to steady the ship through the treacherous waters that is the market place in 2024 and beyond. Luckily, Hill does have a bit of experience and just might be the captain that Nike once again needs to steer them into the black.
Having started his tenure with Nike back in 1988, Elliott Hill spent the next 32 years helping establish the Swoosh brand as the go-to sports brand in both North America and Europe, including overseeing the commercial and marketing operations for Nike and Jordan Brand. So yeah, he knows a thing or two about what he’s getting into… again.
The New York Times reports:
Simeon Siegel, a retail analyst at BMO Capital Markets, said Nike’s “magic” was that it was the largest player in the sneaker category, with a huge marketing budget.
“Nike is known for its storytelling. When the primary focus becomes on going direct as opposed to telling these stories, some of that magic falls behind,” Siegel said.
Mark Parker, the executive chairman of Nike and who served as chief executive before Mr. Donahoe, said the board had conducted a “thoughtful succession process.”
In a statement, he called Mr. Hill the “right person to lead Nike’s next stage of growth.”
The announcement of Hill’s return alone helped Nike’s stock shares jump 10% in aftermarket trading after falling up to 24% throughout 2024. So yeah, good call Nike.
While we don’t know what the future holds for John Donahoe, Nike co-founder Phil Knight thanked the man for his service in a statement and ultimately agreed with the decision to bring back Elliott Hill.
“It became clear now was the time to make a leadership change, and Elliott is the right person,” he said in a statement. “I look forward to seeing Nike and Elliott’s future successes.”
Man, just give us the sneakers we want and fall back on the crazy color ways no one asked for. Just sayin’.
What do y’all think about Nike’s CEO being replaced? Let us know in the comments section below.