The board of directors of major sports apparel brand Nike has announced the appointment of Elliott Hill as its new president and chief executive officer, effective from 14 October 2024.

Nike Inc. has named Elliott Hill as its president and CEO effective, replacing John Donahoe, who will retire next month

Celebrations broke out on Nike’s campus as staff high-fived and hugged each other, while others popped bottles of prosecco.

People wanted him for the job,’ notes a Nike insider amid a ‘jubilant’ wave of celebration from Nike employees. CEO John Donahoe is departing Nike after a tumultuous four years at the company. He is being replaced by Elliott Hill,

The man who will take his place, Elliott Hill, started at Nike as an intern and spent his entire career at “the swoosh”, bar a brief stint as an assistant trainer for the Dallas Cowboys football team.

The shoe giant's shares are down over 20% year-to-date after an ambitious direct-selling strategy opened the door to competition.

Nike said on Thursday that former senior executive Elliott Hill will rejoin the company to succeed John Donahoe as president and CEO, as the sportswear giant shakes up its leadership amid efforts to revive sales and battle rising competition.