Nike's tumultuous years under outgoing CEO Donahoe
Adds Donahoe's retirement
Sept 19 (Reuters) -Sportswear giant Nike NKE.N on Thursday named former senior executive Elliott Hill to succeed John Donahoe as its president and CEO, effective Oct. 14.
The company has lost about a quarter of its stock market value this year and is down more than 21% since Donahoe joined as the top executive in 2020.
Shares of rivals Adidas ADSGn.DE, Hoka owner Deckers DECK.N and On Holding ONON.N have risen 23.3%, 36.5% and 84.4%, respectively, this year.
Donahoe began his stint as CEO in 2020 with a plan to drastically grow e-commerce and to boost sales at its roughly 1,000 Nike stores. But Nike forecast a drop in its fiscal 2025 sales following at least four consecutive quarters of poor sales.
Here are some other major events for Nike on Donahoe's watch:
Oct. 22, 2019 | Nike named Donahoe, a former eBay chief executive officer, as its new CEO, effective Jan. 13, 2020, replacing long-time chief Mark Parker. |
June 25, 2020 | Nike swung to a quarterly loss for the first time in two years. Donahoe laid out Nike's long term plan for its digital channel to account for 50% of its overall business. He said it now focused on giving consumers "a more premium shopping experience" at Nike.com and Nike stores. |
June 26, 2020 | Nike warns of jobs cuts. |
July 24, 2020 | Donahoe's pay was about $53.5 million, according to a filing. |
Dec 13, 2021 | Nike bought virtual sneaker company RTFKT for an undisclosed sum, in what Donahoe said was a key step in Nike's digital transformation. |
March 21, 2022 | Revenue from Nike's mobile app was up more than 50% in the third quarter. "Growing participation in new digital platforms" gave Nike "innovative ways to connect with consumers, letting them unlock virtual experiences, products and rewards," Donahoe said. |
June 23, 2022 | Four months after Russia invaded Ukraine, and two months after rival Puma PUMG.DE suspended operation of all its stores in response to Moscow's invasion, Nike said it would exit Russia. Rival Adidas ADSGn.DE said in October 2022 that it had decided to permanently halt business in Russia. |
Dec 20, 2022 | Nike reported record digital results, as well as strong store traffic with COVID restrictions lifting. "We directly connect with the consumer no matter where they shop," Donahoe said, referring to its direct sales. |
June 29, 2023 | Nike warned of a weak start to fiscal 2024 as shoppers in the U.S. turned cautious. "We'll continue to expand our marketplace strategy to ... drive growth," Donahoe said. |
Dec 21, 2023 | Nike cut the number of Nike products in a $2 billion cost savings program due to weak sales across its channels. CFO Matthew Friend said Nike's direct-to-consumer focus had "added complexity and inefficiency." |
Feb 15, 2024 | Nike cuts about 2% of its total workforce of about 80,000 employees to lower expenses. |
March 21, 2024 | Donahoe said Nike must "lean in" with its retail partners. It also warned of weak sales in first half of fiscal 2025. |
June 27, 2024 | Nike forecast a surprise drop in sales for fiscal 2025, which Donahoe said would be a "transition year" as digital sales tanked. |
June 28, 2024 | Nike's stock tumbles to its worst day ever, wiping out $28.41 billion from its market valuation. |
July 25, 2024 | Donahoe's annual compensation was $29.2 million, according to a filing. |
Aug. 14, 2024 | Billionaire investor William Ackman built new stakes in Nike. Other shareholders and at several Wall Street analysts begin to speculate about the possibility of executive changes. |
Sept. 19, 2024 | Nike said President and CEO Donahoe will retire, and former senior executive Elliott Hill will succeed him, effective Oct. 14. After hours share gains added $9 billion in market cap. |
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Reporting by Anuja Bharat Mistry, Juveria Tabassum, Aishwarya Venugopal and Harshita Mary Varghese in Bengaluru; Editing by Nick Zieminski and Shounak Dasgupta
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