Nike has revealed that John Donahoe will retire as president and CEO on October 13, 2024, with Elliott Hill taking over the role from October 14. Hill, who previously served as Nike's president of consumer and marketplace, is returning to the company after retiring in 2020. Mark Parker, executive chairman of NIKE, Inc. , praised Hill's global expertise and passion for sports, which he believes make him the ideal candidate to lead Nike through its next growth phase. Employees have reportedly welcomed Hill's appointment, with many describing him as an authentic leader who understands the business.

This leadership transition comes in the wake of a challenging year for Nike, including a significant decline in stock prices and layoffs impacting 2% of its global workforce. Donahoe led the company during the COVID-19 pandemic and expressed gratitude for his time at Nike while acknowledging the need for a leadership change. He will continue to serve as an advisor until January 2025, helping to ensure a smooth transition. This change in leadership reflects Nike's strategic focus on revitalizing its brand and products in a competitive market.