Nike CEO John Donahoe resigns as company veteran Elliott Hill makes his return

Nike has announced the return of Elliott Hill as president and CEO, succeeding John Donahoe, who will step down on October 14. Hill will also take on the role of director on the board and join the executive committee. He previously held various leadership positions during his 32 years with Nike before retiring in 2020.

Executive chairman Mark Parker stated that the board’s decision followed a “thoughtful succession process.” He emphasized that Hill’s global expertise, leadership style, and deep industry understanding will be beneficial for the company’s future growth.

Donahoe will continue as an advisor to ensure a smooth transition through January 31. He assumed the CEO role in January 2020, following Mark Parker’s 14-year tenure.

According to Neil Saunders, managing director of GlobalData, Donahoe’s departure was “inevitable” after a prolonged period of decline and underperformance. He noted that mistakes made during Donahoe’s leadership have weakened the brand, leaving investors dissatisfied and skeptical.

Hill’s return signals the company’s intention to return to its roots, focusing on improved storytelling, enhanced product innovation, and stronger partnerships with key retailers. Saunders believes Hill has the skills and vision needed for a turnaround, but cautioned that results won’t come overnight, stating, “A change of jockey does not automatically put the Nike horse out in front.”