Nike shares soar after it reveals boss might be changed by veteran
Boost: Nike sponsors Emma Raducanu
Nike shares soared yesterday after it revealed its boss would be replaced by a company veteran.
The world’s biggest sportswear group said John Donahoe will stand down as president and chief executive next month.
Elliott Hill, who retired from Nike in 2020 after more than three decades at the firm, will replace him.
He led teams across Europe and the US, selling the brand’s classic shoes including Air Force 1s and Air Jordan 1s.
Donahoe’s departure – and Hill’s return – sent Nike shares surging more than 6 per cent. Analysts at Deutsche Bank said Hill would ‘inject a much-needed sense of urgency’ at the group, with a focus on ‘product innovation, storytelling and marketing’.
Donahoe has been criticised for the lack of new products and focusing too heavily on selling limited edition rather than everyday shoes.
He was also tasked with steering Nike (which sponsors sport stars such as Emma Raducanu) through the pandemic, as well as an era of high inflation, which put shoppers off pricey trainers.
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