Nike CEO Mark Parker to be replaced by ServiceNow CEO John Donahoe

Longtime Nike CEO Mark Parker will step down in January 2020 and will be replaced by John Donahoe, CEO of ServiceNow and a Nike board member, the company announced Tuesday.

Why it matters: Given Donahoe's background, this seems like a clear indicator that Nike wants to become a technology company that sells shoes/apparel rather than a traditional retailer. Nike has been on the path to becoming much more of a direct-to-consumer company and less of a wholesale company for a while, but this could speed it up dramatically.