Nike has appointed Elliott Hill, a former high-ranking executive, as its new CEO, succeeding John Donahoe as the organization’s president and chief executive officer.
Hill brings with him 32 years of experience from working at the sportswear company, where he held significant leadership positions in both North America and Europe.
Set to start his new position on 14 October, he played a key role in elevating the retailer’s worth to over £29.28 billion, as stated by Nike.
Prior to retiring in 2020, Hill served as the president of the consumer marketplace at Nike, overseeing its market operations and commercial activities for both the main brand and the Jordan line.
In a recent regulatory document, Nike disclosed that Hill’s remuneration for his new positions would include a base annual salary of £1.13 million.
As Nike works to boost its sales amidst fierce competition from brands like Adidas and Lululemon, it is taking strategic steps to strengthen its market position.
Earlier this year, the company announced plans to eliminate 1,600 jobs in an effort to achieve £1.6 billion in cost reductions over the next three years, responding to declining sales.
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