John Donahoe will retire as chief executive next month, capping a tumultuous tenure that caused the sneaker giant to lose ground to competitors. Donahoe will also step down from the board of directors.
Company veteran Elliott Hill will succeed Donahoe as president and CEO starting Oct. 14. Hill served as consumer president until Donahoe took over in early 2020 and shuffled Nike’s leadership ranks.
During the pandemic, Donahoe sought to focus on selling directly to consumers and Nike cut ties with longtime retail partners. The strategy backfired as the e-commerce boom faded.
Nike shares rose 6.8% Friday.