Nike CEO John Donahoe is out, replaced by longtime company veteran Elliott Hill

Nike on Thursday announced that its CEO John Donahoe is stepping down and longtime company veteran Elliott Hill will take the helm of the sneaker giant.

Donahoe, who has been Nike's CEO since Jan. 2020, will retire from his position on Oct. 13. He will stay on as an advisor through the end of January. Hill is slated to take over on the following day.

"I am excited to welcome Elliott back to NIKE. Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott's global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike's next stage of growth," said Mark Parker, Nike's Executive Chairman. "Personally, I have worked with Elliott for more than 30 years and I look forward to supporting him and his senior management team as they seize the opportunities ahead."

Nike is in the midst of a broader restructuring effort after its shifted its strategy to sell directly to consumers. Critics say in the process of building out sales at Nike's stores and website, it lost sight of innovation and failed to churn out the types of sneakers the company was known for.

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