Nike on Thursday announced that its CEO, John Donahoe, is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.
Donahoe, who has been Nike's CEO since January 2020, will retire from his position on Oct. 13. Hill is slated to take over on the following day. Donahoe will stay on as an advisor through the end of January.
The company's shares climbed 8% in extended trading Thursday. As of the close, the stock is down more than 25% this year.
"I am excited to welcome Elliott back to Nike. Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott's global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike's next stage of growth," said Mark Parker, Nike's executive chairman.
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