More from Footwear News
-
Nike's Wild 'What the Duck' Dunks Will Be Released in October
-
Caitlin Clark Is the 2024 AP WNBA Rookie of the Year - Here Are Her Top Nike Shoe Moments
Nike just did it.
The shoe industry got a welcome surprise Thursday afternoon when the Swoosh announced a long-awaiting change to the top of its leadership team: chief executive office John Donahoe will step down from the company, effective Oct. 13 and be replaced by former Nike executive Elliott Hill, who served in several leadership roles before retiring in 2020.
Nike’s move was applauded by Wall Street, with shares of the company shooting up 10.2 percent to $89.25 in afterhours trading on Thursday. The stock remained up at market open on Friday.
The market wasn’t the only one rejoicing. In the wake of the announcements, several industry leaders — as well as current and former Nike employees — took to LinkedIn to share their excitement about the new appointment and shared their hopes that Nike might finally be on the right track after several quarters of falling sales.
“Love Elliott Hill!” 17-year Nike veteran former chief operating officer and chief financial officer Andrew Campion shared on LinkedIn. “Love Nike! Love this!”
Throughout the last year, Nike has continued to lose share in crucial categories like running and has been criticized for its lack of innovative products. In December, Nike announced a new round of layoffs — which have been taking effect this year — in tandem with a plan to cut costs improve its innovation pipeline. Given the recent slowdown at Nike, Hill’s strong reputation and track record was cause for much celebration for those in the Nike family.
“Exciting times ahead of us,” wrote Nike global director Cesar Madrigal in a LinkedIn post. “We are so back!”
Nike’s North America territory visual merchandising director Kim Dumas echoed the sentiment in another post that read: “Go Time, prayers answered.”
Various retail partners also applauded the change, an encouraging sign for Nike as it looks to rebuild relationships with key wholesale accounts after exiting many of them in 2020 when Donahoe came on board.
“I’m beyond excited for Nike, welcoming back a leader who’s meant so much to both me and the organization,” said Blanca Gonzalez, senior vice president and general manager of the Foot Locker Inc. owned WSS chain (and former Nike VP), in a LinkedIn post. “His impact has always been incredible, and I know he will continue to inspire and elevate the entire team. Couldn’t be prouder to see EH back in action!”