The CEO of athletic giant Nike, John Donahoe, is to step down from his role next month and will be succeeded by former senior executive Elliott Hill, the sporting goods company announced on Sept. 19.
The leadership shakeup comes amid a turbulent year for Nike, which has seen sales drop and its stock price fall while competition from its rivals remains tough.
Donahoe, who has served as president and CEO of Nike since January 2020, will retire from the roles on Oct. 13, Nike said. He will remain as an adviser to the company to ensure a “smooth transition” through Jan. 31, 2025, it noted.
Donahoe’s retirement was a mutual decision between him and the company, according to the announcement….