With effect from October 14th, 2024, Nike announced that Elliott Hill will take on the role of President and Chief Executive Officer. In after-hours trading, the company's shares increased by about 8% in response to the announcement.

This change occurs as John Donahoe, the company's current president and CEO, is ready to step down from both the board of directors and his position on October 13th. In order to facilitate a seamless transition, Donahoe will stay on as an advisor to the business through January 31.

Nike Executive Chairman Mark Parker commended Hill's leadership and worldwide experience, highlighting his thorough knowledge of the business and its partners.

Parker also recognised Donahoe's noteworthy efforts, particularly his support for the company's community investments and his leadership during the COVID-19 epidemic. Donahoe stated that Hill is the ideal candidate to head the organisation going forward.

Hill had a lengthy tenure with the corporation, having held top executive positions in both Europe and North America until retiring from Nike in 2020.

(Sources: investing.com, reuters.com)