He will be replaced by former top manager Elliot Hill, who worked at Nike as an intern back in 1988. In 2020, he ended his career at the company as president of consumer markets. Now he is returning again.
Donahoe served as the company’s CEO for nearly five years. Despite his accomplishments and contributions, he was not seen as an innovator or marketer, according to The New York Times.
Nike shares immediately rose 10% to $89.26 after the management changes were announced. But those numbers are a far cry from the $177 they reached in November 2021.
At the end of last year, the company announced a decrease in projected sales and decided to cut costs by $2 billion over the next three years. In the summer of 2022, Nike completely left the Russian market, having worked there since 1994.
In August 2024, American sportswear brand Nike and Danish toymaker Lego entered into a long-term strategic partnership agreement. Lego previously collaborated with Adidas, and this will be the first partnership with Nike.
Source: rb.ru
