Nike Veteran Elliott Hill To Replace Donahoe As CEO

Nike has announced that former senior executive Elliott Hill will rejoin the company to succeed John Donahoe as president and CEO as the sportswear giant shakes up its leadership amid efforts to revive sales and combat rising competition.

Hill spent 32 years at Nike, holding senior leadership positions across Europe and North America, where he helped expand the business to more than $39 billion. I Photo: Business Wire

The company's shares rose 8% in after-hours trading, Juveria Tabassum and Nicholas P. Brown reported for Reuters.

Hill spent 32 years at Nike, holding senior leadership positions across Europe and North America, where he helped expand the business to more than $39 billion, the company stated.

He was previously Nike's president of the consumer marketplace, leading all commercial and market operations for the Nike and Jordan brands before retiring in 2020.

Nike disclosed in a regulatory filing that Hill's compensation as president and CEO will include an annual base salary of $1.5 million. He will assume the role of CEO on Oct. 14.

Analysts welcomed the move, with Jessica Ramirez of Jane Hali & Associates saying, "The CEO change gives a positive signal because it is someone that knows the brand and knows the company very well."