Nike names new CEO amid sales concern

By the numbers: CNN notes that shares in Nike have fallen 24% in 2024 so far, but they increased 9% in Thursday after-hours trading.

The big picture: Hill previously worked at Nike for 32 years and held senior leadership positions across Europe and North America, per a company statement Thursday that said he was "responsible for helping grow the business to more than $39 billion."

• He was president - consumer and marketplace, "leading all commercial and marketing operations for Nike and Jordan Brand, including the P&L across the company's four geographies," before retiring in 2020, Nike said.
• Hill will take over the top job on Oct. 14.
• Donahoe, who became CEO and president in 2020, will remain as an advisor to Nike to "ensure a smooth transition" through Jan. 31, according to the statement.

What they're saying: Donahoe said in a statement: "It became clear now was the time to make a leadership change, and Elliott is the right person."