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Impulse: Nike sponsors Emma Raducanu
Nike shares soared yesterday after the company revealed that its chief would be replaced by a company veteran.
The world’s largest sportswear group said John Donahoe will step down as president and chief executive next month.
He will be replaced by Elliott Hill, who retired from Nike in 2020 after more than three decades with the company.
He led teams across Europe and the United States, selling the brand’s classic sneakers, including the Air Force 1 and Air Jordan 1.
Donahoe’s departure – and Hill’s return – sent Nike shares up more than 6 percent. Deutsche Bank analysts said Hill would “inject a much-needed sense of urgency” into the group, with a focus on “product innovation, storytelling and marketing.”
Donahoe has been criticized for a lack of new products and for focusing too much on selling limited editions rather than everyday shoes.
He was also tasked with steering Nike (which sponsors sports stars such as Emma Raducanu) through the pandemic, as well as a time of high inflation that deterred shoppers from buying expensive sneakers.
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