Nike's shares are rallying after it named a new CEO. One analyst says it still has work to do
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Nike Inc. announced the appointment of Elliott Hill as its new CEO, replacing John Donahoe, effective October 14. Following the news, Nike's shares surged over 10% in after-hours trading. Hill, a company veteran, faces challenges including rising competition and changes in consumer behavior. Analysts express cautious optimism about Hill's leadership, while noting the company's recent disappointing quarterly results and a 20% decline in stock value during Donahoe's tenure. Nike aims to address these issues by focusing on new product development and a renewed emphasis on brick-and-mortar retail.
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