Nike CEO “Vents” to Employees: Exhausted by Stalled Transformation

Nike Inc. issued a disappointing earnings forecast, causing its stock price to plummet; CEO Elliott Hill expressed frustration at an all-hands meeting. Hill stated that because the execution of some of his strategies has taken “much longer than expected,” he wants to stop discussing “fixing the business” and instead focus on inspiration and driving growth. CFO Matthew Friend discussed the necessity of strictly managing costs because the company’s performance has been uneven, progress has not met investor expectations, and the business trajectory is heading “downward.”