Nike Stock Rises After Elliott Hill Named CEO

Nike (NKE) shares surged in extended trading Thursday after the global shoe and athletic apparel company named Elliott Hill its CEO, replacing John Donahoe.

Nike’s shares were up about 9% in late trading. Hill will have the task of reviving a stock that, through Thursday’s close, lost about a quarter of its value from the start of the year. The company in June reported disappointing fiscal fourth-quarter results and warned of changes to its outlook, worrying investors.

Hill returns to Nike after retiring in 2020, which at the time marked the end of a long career at the company known for its “swoosh” logo and the “Just Do It” tagline.

“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,” Nike Executive Chair Mark Parker said in a statement.

Nike has an investor day scheduled for Nov. 19.

Donahoe will officially leave his role in mid-October, staying on in an advisory role through the end of January, the company said.