(Beaverton) Nike Inc. said Thursday it has named Elliott Hill president and chief executive officer, replacing John Donahoe, who will retire next month.
Mr. Hill returns to the company from which he retired in 2020. He previously held leadership roles at the sports giant in Europe and North America. Prior to his retirement, he was president of consumer and market operations for Nike and the Jordan Brand.
Nike’s sales have been faltering recently, and its stock is down about 24% year to date. In its most recent quarter, which ended May 31, the company reported a 2% decline in revenue. Mr. Donahoe said at the time that the company is addressing its “near-term challenges head on, while continuing to make progress in the areas that matter most to Nike’s future.”
In February, the Beaverton, Oregon-based company announced it was cutting 2% of its global workforce, or just over 1,600 jobs, in an effort to cut costs and reinvest the savings in what it sees as high-growth areas like sports, health and wellness.
Nike shares jumped nearly 8% after the announcement, which came after the close of regular trading on Wall Street.