### Elliott Hill Steps Up as Nike’s New CEO Amid Challenges

Elliott Hill has taken over as CEO of Nike, assuming leadership at a critical juncture marked by declining sales and a weakened stock price. Hill, who retired from the company in 2020 after a 32-year tenure, faces the challenge of revitalizing the iconic sportswear brand.

Earlier this month, Nike announced a 10% dip in revenue for its fiscal first quarter, bringing total earnings down to $11.6 billion. The company also withdrew its previous full-year sales projections and foresees a further decline of between 8% and 10% for the second quarter.

In recent years, Nike has pivoted heavily towards promoting its classic shoe lines such as the Air Force 1, Air Jordan 1, and Dunk. However, these products have not been performing as expected, putting the company under pressure as competitors seize their market share. Louise Déglise-Favre, a GlobalData apparel analyst, noted that Nike has been outpaced due to “its lasting lack of innovation and lagging fashion credentials.”

During Nike’s October earnings call, where Hill was not present, the company stressed that "newness and innovation" would be key drivers in its future growth strategy. Additionally, the sports giant is focusing on strengthening its identity as a running brand to attract more consumers.

Hill is expected to provide strategic direction and introduce necessary changes to realign Nike with its growth targets. In a September email to employees, Hill acknowledged the company's recent struggles and emphasized the need for a united effort. “I know things haven’t been easy, and we certainly have taken our fair share of shots,” he wrote, according to Bloomberg. In a video to employees, he urged, “everyone to come together and rally as a team,” stressing the importance of moving with “speed and a sense of urgency.”

Hill's extensive experience at Nike, which he initially joined in 1988 as an apparel-sales intern, starkly contrasts with his predecessor, John Donahoe. Donahoe, who served as CEO since 2020, brought an external perspective from his roles at eBay and ServiceNow but was often viewed as an outsider within the company.

Nike announced last month that Hill would be taking up the mantle as president and CEO, along with a directorial position on the board. Despite the hurdles ahead, Nike’s chief financial officer, Matthew Friend, expressed cautious optimism during the latest earnings call, highlighting "early wins" in key sports and a faster pace of innovation.

Hill now faces the formidable task of steering Nike through this challenging period, aiming to restore its market dominance and drive forward its legacy of innovation.