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.