Nike shares jump 8% after CEO change

Nike (NYSE:NKE) announced that Elliott Hill will take the helm as President and Chief Executive Officer effective October 14, 2024. Following the news, the company's shares gained nearly 8% in after-hours trade.

The transition comes as current President and CEO, John Donahoe, prepares to retire from his role and from the Board of Directors on October 13. Donahoe will continue to serve as an advisor to the company until January 31 to support a smooth changeover.

Mark Parker, Executive Chairman of Nike, praised Hill's global expertise and leadership, emphasizing his comprehensive understanding of the industry and the company's partners.

Parker also acknowledged Donahoe's significant contributions, especially his leadership during the COVID-19 pandemic and his support for the company's community investments. Donahoe expressed confidence in Hill as the right choice for the company's future leadership.

Hill, who previously retired from Nike in 2020, has a long history with the company, having held senior leadership roles in both Europe and North America.