Nike’s New Boss: A Fresh Start Amid Challenges

Nike has a new leader at the helm—Elliott Hill. He started his job on Monday, taking over a company facing tough times. Sales are down, and the stock price isn't looking great. Hill, a long-time Nike employee, retired in 2020 but is now back to steer the company through these choppy waters. Nike's recent quarterly report showed a 10% drop in revenue, down to $11. 6 billion. The company also had to withdraw its full-year sales guidance and expects the second quarter to be even worse. This is partly because their classic shoe lines, like the Air Force 1 and Air Jordan 1, aren’t selling as well as they used to. Competitors are grabbing market share, leaving Nike in a tough spot.Experts say Nike’s lack of innovation and fashion trends are to blame. The company is aware of this and plans to focus more on innovation and less on retro styles. They also want to revive their image as a top running brand. Hill has a big task ahead—he needs to figure out what changes are needed to get Nike back on track. Hill has been clear with employees that there’s a lot of work to do. He wants everyone to come together and move quickly. Hill has been with Nike for over three decades, starting as an intern in 1988. This makes him quite different from his predecessor, John Donahoe, who was an outsider when he joined in 2020.