Nike is getting a new leader. The global sports apparel company based in Washington County announced that CEO John Donahoe is stepping down. He’ll be replaced by Elliott Hill, another longtime Nike executive.

The company says Donahoe will retire on Oct. 13, but will stay on as an advisor through January. In a statement on its website, Nike’s Executive Chairman Mark Parker thanked Donahoe for his leadership, particularly during the COVID-19 pandemic.

Hill is coming out of retirement to lead the company. He previously served as president of consumer and marketplace for Nike and the Jordan Brand.

“[T]he Board concluded it was clear Elliott’s global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike’s next stage of growth,” said Parker in a company statement.

In February, Nike announced it was cutting 2% of its global workforce — or about 1,600 employees — including about 740 employees at the headquarters on the edge of Beaverton.

“I’m ready to help lead it to an even brighter future,” Hill said in a statement.

Nike stock rose at least 8% in the hours after the change in CEO was announced.

News Source : https://www.opb.org/article/2024/09/19/nike-ceo-business-john-donahoe-elliott-hill/