Nike appoints company veteran to succeed Donahoe as CEO, stock price briefly rises 11% after hours
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Nike announced that Elliott Hill will succeed John Donahoe as CEO, hoping to revitalize the brand through leadership changes. Hill, who joined Nike in 1988 and previously served as President of Consumer and Marketplace, will take office on October 14th. Donahoe will retire on October 13th and continue to serve as an advisor. Nike's stock price rose 11% after hours, but has fallen 25% year-to-date. The company is facing declining sales and competitive pressures, with morale affected by layoffs and cost-cutting plans
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