Elliott Hill, a seasoned Nike veteran, is set to return as CEO.
- Hill will replace John Donahoe, who retires as CEO this October.
- Having begun his career at Nike as an intern, Hill’s journey spans decades.
- Hill expresses enthusiasm to rejuvenate brand partnerships and innovation.
- Nike reports revenue of $51.4bn with profit growth despite competition.
Elliott Hill, a long-standing figure in the sportswear sector, is making his return to Nike in a prominent position as CEO. This move follows his earlier departure in 2020, marking a significant leadership reshuffle at the company. Hill will officially step into his new role on 14 October, succeeding John Donahoe, who has led the company since 2020 and is slated to retire. However, Donahoe will remain with Nike as an advisor until January 2025.
Hill’s history with Nike is robust, beginning in 1988 when he joined as a sales intern. Over a 32-year tenure, he ascended through various key roles, notably as the former consumer and marketplace president. His return is marked by a commitment to leading Nike into a promising future, emphasising collaboration and innovative product development. Hill comments on his return, “Nike has always been a core part of who I am, and I’m ready to help lead it to an even brighter future.”
During his leadership, Hill aims to reconnect with previous colleagues and partners while forging new relationships to propel the brand forward. His vision focuses on delivering distinctive, innovative merchandise that will distinguish Nike in the competitive sportswear market.
Nike’s recent financial performance reveals a slight increase in revenue, reporting $51.4 billion for the fiscal year ending 31 May 2024, up from $51.2 billion the previous year. Despite this modest growth, the company achieved a 3% increase in gross profits, totalling $22.9 billion. This period of slowed revenue growth is attributed to the rise of new competitors such as On and Hoka, presenting fresh challenges in the market.
Elliott Hill’s return as CEO heralds a new chapter for Nike, with a focus on innovation and strengthened partnerships.
