This decision was made as Nike tried to regain its footing in the athletic footwear market. For example, Nike has been losing market share to its competitors Asics and Adidas. The company’s market share in the sports footwear category declined to 34.97% in 2023 from 35.37% in 2022, and 35.4% in 2021 according to a report by Globaldata.
Apart from the decline of market share Nike has faced consumer challenges in the Chinese market leading to slower online sales. Another critical area is that the company faced criticism for its lack of innovative products while competitors launched new designs which negatively impacted consumer perception and demand for Nike products.
Who will be taking over as the new CEO?
Elliott Hill who, held previous leadership roles such as overseeing commercial and marketing operations for Nike and Jordan and retired in 2020, will take over as the new CEO starting October 14, 2024.
This decision to appoint Elliot Hill as the new Ceo was met with optimism from both investors and Hill himself. He expressed his eagerness to reconnect with employees and partners and build new relationships that will move Nike ahead. Given his previous leadership role, he is expected to bring a fresh perspective and renewed energy to the company. Following this announcement, Nike’s shares have jumped over 8% in after-hours trading according to a report by Reuters.
Meanwhile, Mark Parker, Nike’s executive chairman, has expressed confidence in Hill’s ability to lead the company forward, citing his leadership style and passion for sport.
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