NEW CEO Has the ‘Swagger and Skills’ for Nike to Regain Market Share Stature
Nike employees who are overjoyed by the appointment of former employee Elliott Hill as CEO, believe he has the ‘swagger and skills’ needed for the sportswear company to regain its market share stature.
Elliott Hill Replaces Embattled John Donahoe
After the announcement, employees took to social media where they described Hill as ‘authentic’ and possessing the ‘swagger and skills’ needed by Nike. Others circulated a meme, styling a photo of Hill like Barack Obama’s “Hope” posters.
Hill returns to Nike in the wake of the embattled John Donahoe who, after he was appointed CEO of Nike, defied the impact of a global pandemic to lead the company to new heights. But the momentum he built fizzled out and saw Donahoe backtracking on several key initiatives.
After leaving in 2020, he auctioned off memorabilia he had collected throughout his 32 years with the company. The auction raised $2.25 million for a scholarship for low-income students.
The memorabilia Hill sold included a basketball signed by Michael Jordan, a football cleat signed by Nike co-founder Phil Knight, and a coffee mug signed by football coach, Mike Krzyzewski.
Hill Embodies Nike Brand Culture and Values
Elliott Hill is ‘the embodiment of Nike brand culture and values, so we’re thrilled to hear that he will be returning to the brand to lead the charge,’ is how the cofounder of Nike’s 6453 alumni group, Jana Panfilio, described his return.
After the announcement of Hill’s appointment, Nike stock popped by 10% in after-hours trading.
On a more somber note, Wall Street pointed to the work awaiting Hill and how he would overcome a workplace culture bruised by cost-cutting and layoffs. Other hurdles were the refurbishing of sales engines that have faltered because of ‘misplaced bets’ on retro and direct sales products.
In an email to employees, Hill acknowledges that ‘things haven’t been easy’ and that Nike has taken its ‘fair share of shots.’ Hill shared his email address with the employees, inviting them to send him questions before his first day as the company’s new CEO on October 14 when he will have an all-hands meeting.
When Hill takes over the reins, he faces setting right one of Nike’s worst-ever disappointing years that sparked a record one-day sale of shares.
Hill will have only a month to prepare for the company’s investor day in November, an event at which Nike announces its new plans and tries to impress Wall Street.
Nike has already launched a turnaround plan focusing on improved storytelling, rebuilding its wholesale business, and getting products to the market more efficiently. The turnaround plan is already showing signs of early momentum, says Donahue.
Elliott Hill has an undisputed and impressive list of credentials earned in his 32 years with Nike. His career started as a sales intern, and Hill held 19 different positions, including president of consumer and marketplace by the time he left Nike in 2020.