Nike Inc. said Thursday it has named Elliott Hill as its president and chief executive, replacing John Donahoe, who is retiring next month.
Hill will return to the company he retired from in 2020. He previously held executive positions at a major sportswear company in Europe and North America. Before retiring, he served as president of marketing and consumer operations for Nike and the Jordan brand.
Nike’s sales have weakened recently, and its stock is down about 24% so far this year. In its most recent quarter, which ended May 31, the company reported a 2% decline in revenue. Donaho said at the time that the company was “close to closing out its near-term challenges while making progress in areas that are more important to Nike’s future.”
In February, the Beaverton, Oregon-based company announced it would cut 2% of its global workforce, or just over 1,600 jobs, as it aims to reduce costs and reinvest savings in high-growth areas like sports and health care.
Nike shares rose nearly 8% after the announcement, which came after the end of regular trading on Wall Street.
