Nike is set for a leadership change. John Donahoe, who has led the company since 2020, will retire on October 13, 2024. Elliott Hill, a longtime Nike executive, will replace him as CEO on October 14.

Donahoe's time at Nike saw big challenges. He guided the company through the COVID-19 pandemic and helped expand its online sales. However, Nike has struggled in recent months. The company faced tough competition from newer brands like On and Hoka. Sales fell in key markets, including China and North America. Nike's stock price also dropped, losing 24% in value this year alone.

Donahoe, who joined Nike from Bain Consulting and eBay, initially found success by pushing direct-to-consumer sales. However, his focus on e-commerce over retail partners led to criticism - especially as the company been shifting away from product innovation and storytelling.

Elliott Hill, who retired in 2020 after 32 years at Nike, will return to lead the company. He has a long history with Nike, starting as an intern in 1988. Hill held senior roles across Europe and North America, including overseeing Nike's marketing and commercial operations for both the Nike and Jordan brands. His return is seen as a chance for Nike to regain its focus on product innovation and reconnect with consumers.

Nike co-founder Phil Knight and Executive Chairman Mark Parker both expressed confidence in Hill's leadership. Hill said he is excited to reconnect with the Nike team and deliver new, innovative products.

Mark Parker said: "I am excited to welcome Elliott back to NIKE. Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott's global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike's next stage of growth."

"Personally, I have worked with Elliott for more than 30 years and I look forward to supporting him and his senior management team as they seize the opportunities ahead," he added.

Tim Cook, Apple's chief executive and lead independent director of the Nike board, was quoted by The Financial Times as saying: "Elliott embodies the spirit of Nike and will bring his deep connection to sport, passion for their products, and competitive instincts to get the company back at the top of its game."

The transition comes at a critical time. Nike's recent efforts to regain market share through new product lines and marketing have yet to fully pay off. The board hopes Hill's experience can steer the company back to growth.