Elliott Hill returns to Nike, taking over as CEO from John Donahoe.
- John Donahoe retires, will remain an advisor until January 2025.
- Hill rejoins Nike, continuing a journey that began in 1988 as a sales intern.
- In his own words, Hill aims to lead Nike to a ‘brighter future’.
- Nike’s revenue shows a slight increase, facing competition from emerging brands.
On September 19th, Nike announced the return of Elliott Hill to the company as the new CEO. Hill, who previously held the role of consumer and marketplace president, is stepping in to succeed John Donahoe. Donahoe has led the company since 2020 and is scheduled to retire from his role on October 13th, although he will remain as an advisor until the end of January 2025.
Elliott Hill’s history with Nike is extensive. Beginning his career with the company as a sales intern in 1988, Hill departed in 2020 after a long tenure. His return marks a significant leadership change for the sportswear giant, as he takes the helm on October 14th. Hill expressed his enthusiasm by stating, ‘Nike has always been a core part of who I am, and I’m ready to help lead it to an even brighter future.’
Hill elaborated on his excitement to reconnect with employees and partners, emphasizing his commitment to driving bold, innovative product development that captivates consumers. ‘Together with our talented teams, I look forward to delivering bold, innovative products, that set us apart in the marketplace and captivate consumers for years to come,’ said Hill.
Financially, Nike reported a revenue of $51.4 billion for the year ending May 31, 2024, a slight increase from $51.2 billion the previous year. During this period, the company’s gross profit rose by 3% to $22.9 billion. Despite these gains, Nike’s growth appears to be tempered by rising competition from newer brands like On and Hoka.
Elliott Hill’s leadership marks a new chapter for Nike as he aims to steer the company toward greater innovation and growth.
