Elliot Hill Announced As The New CEO of Nike

Nike recently announced Elliot Hill as the new CEO of Nike, replacing John Donahoe who joined the swoosh label back in 2020.

Shares in Nike (NKE) were up 7% in early morning trading yesterday after the Oregon born sportswear brand released the news of their new CEO, Elliot Hill. The Nike stalwart, who previously worked with the swoosh label for 30 years, retired from his role as president of consumer & marketplace back in 2020, comes out of retirement to steer the swoosh back to their sportswear supremacy. Hill who originally joined Nike back in 1988 acknowledged in his very first statement to staff that things hadn’t been the easiest, Hill said “I know things haven’t been easy, and we certainly have taken our fair share of shots.” He also said in a video message sent to employees he will host a “hands on” meeting on October 14th asking them to send their “questions in advance with what’s on your mind” and “to move with speed and a sense of urgency.”

Hill replaces John Donahoe who joined the swoosh label back in 2020 with no previous sneaker or streetwear industry experience. Under Donahoe’s leadership Nike shares had seen their biggest decline ever with various factors at play. Donahoe’s cost cutting plan combined with a cost of living crisis, COVID and a lesser focus on wholesale backfired on the Oregon based sportswear label, freeing up retail space for competitors like Hoka & On Running. New Nike CEO Elliot Hill will receive a base salary of $1.5 million with potential annual bonuses of 200%. Hill will also receive a one-time cash payment of $4 million and equity valued at $3 million. You could say it’s not a bad deal (financially) for Hill but is he the man to take Nike back to the top? Let’s just wait and see. Also don’t forget to subscribe to Sneaker Jobs & follow @sneaker_jobs to keep up to date with all the latest industry news.