Nike Replaces CEO With Veteran Executive Hill in Revival Bid (2)

Nike Inc. ousted beleaguered Chief Executive Officer John Donahoe, bringing longtime executive Elliott Hill out of retirement in a bid to return the struggling athletic brand to its glory days.

Hill, 60, originally joined Nike in 1988 and served as president of consumer and marketplace before he retired in 2020. He will take over on Oct. 14. Donahoe, 64, will retire and remain an adviser through January.

Incoming Nike President and CEO Elliott Hill

Source: Nike

Nike shares jumped 7.3% at 9:31 a.m. in New York trading on Friday, while its chief rivals, Adidas AGand Puma SE, fell in Germany.

Nike had tumbled 25% this ...