Nike CEO to Retire on Oct 13; To be Replaced by Company Veteran

The boss of Nike will step down next month, making way for a company veteran to take his place as the leader of the world’s biggest sportswear company amid tough competition in the retail sector.

In a statement, Nike said John Donahoe will retire on October 13, staying on in an advisory role until early next year to ensure a smooth transition.

Donahoe was responsible for boosting Nike’s online presence, as well as driving more sales directly from customers instead of partnering with other shops on High Streets or in shopping centres.

He joined the company’s board in 2014 before taking on the role of chief executive in 2020.

The BBC is reporting that the demand for the company’s trainers has been faltering in international markets like China, while the company’s stock price had slumped.

Shares rose more than 9 per cent in after-hours trading, however, following the announcement that Elliott Hill would return to the firm.