John Donahoe Steps Down as Nike CEO

Global fashion brand Nike announced on Thursday that CEO John Donahoe will retire from his position and the company’s board of directors, effective October 13.

Elliott Hill, a former Nike executive with 32 years of experience, will succeed Donahoe.

Donahoe’s departure comes after Nike faced recent challenges, including missing sales expectations in September 2023 and a 2% sales decline in the fourth quarter of 2024.

Despite this, full-year revenues rose 1% to $51.4 billion.

Nike shares surged 8% in after-hours trading following the announcement.

Donahoe will remain an advisor to the board until January.

It’s been an honour and privilege to be part of this incredible company, and I’ll always value my time at Nike and the opportunity to lead the organisation. I have great respect for [founder] Phil [Knight], [executive chairman and former CEO] Mark [Parker], Nike and its employees,” 

Donahoe said in a statement. 

“It became clear now was the time to make a leadership change, and Elliott was the right person. I look forward to seeing Nike and Elliott’s future successes.”

Hill’s return is seen as a stabilizing move, leveraging his extensive knowledge of the company.

The leadership change aims to revitalize Nike’s position in the sportswear industry.