Prediction: This Will Be Nike's Next Big Move
Nike (NYSE: NKE) has been struggling for years, and the company finally faced the music on a needed overhaul, announcing last month that CEO John Donahoe would be leaving the company.
Donahoe took the CEO position in 2020, having previously served as CEO of ServiceNow, the enterprise cloud software giant. Donahoe brought a tech-first mentality, emphasizing data-driven priorities like digital sales and performance marketing, but a lack of attention to product, brand-building, and wholesale relationships led to some of the slowest growth in the company's history. In fact, Nike sales declined by double digits in its fiscal first quarter, showing how far the vaunted sportswear brand has fallen.
Nike tapped longtime company veteran Elliott Hill to serve as its next CEO, and Hill will step into the corner office on Oct. 14. Hill came out of retirement to take the position, having worked at Nike for more than three decades, much of that time in executive positions like president of consumer and marketplace, where he led commercial and marketing operations globally for the Nike and Jordan brands.
Source Fool.com
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