American sporting goods brand Nike will get a new CEO next month. Elliott Hill will return to the company on October 14, taking over from John Donahoe.
Before leaving Nike in 2020, Hill held various top positions within the American company for thirty years.
In a statement, Nike said Donahoe had decided to leave in consultation with the board. He will remain as an advisor until the end of January to ensure a smooth leadership transition. Donahoe had been CEO of the company since early 2020. (Continue reading below the photo)
Weaker sales in China and fierce competition have led to problems for Nike. In late June, the company’s top brass lowered its full-year outlook and is cutting costs to save money.
In after-hours trading in New York, the stock rose sharply after news of the new CEO broke.
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