New Delhi: American sportswear giant Nike named Elliot Hill as its new CEO, to succeed John Donahue, who decided to step down as the brand’s stock declined to historic lows in recent times. Nike tapped Hill, a comoany veteran who rose up to the ranks after starting out as an intern at the iconic brand. Donahue will step down from the CEO’s post on October 13, 2024. Donahue, a well known Wall Street figure, is a tech veteran who faced challenges ranging from the COVID-19 pandemic to a reseller crisis.
While he helped the company pivot to a digital first model during the pandemic, that change needed rethinking after the pandemic. The company refocused on wholesales under Donahue after facing a decline in demand, CNBC reported.
Elliot Hill’s career with Nike
Here’s a peak at Hill’s decorated career with Nike:
Hill started his career at Nike as an intern in the apparel sales department in 1988. The internship turned into a stable position and he worked in this starting position for 2 years. In 1990, he joined the sales team for sports graphics at Nike. Within a year, he joined the core sales team, graduating to a sales representative role in 3 years. He rose to sales management 2 years later and then became director of the team sports division at Nike in 1998.
After 2 years in this position, he was promoted to the role of vice president for sales and retail in the Europe, Middle East and Africa (EMEA) business group. His consistency was rewarded 3 years later as Hill was promoted as VP and general manager of the USA retail group.
The high point of Hill’s career was his position as VP of USA Commerce Group in which he served until 2005. After 17 years in these roles, Hill was promoted to senior leadership, taking on the role of VP of Global retail. Hill has literally risen through the ranks and being named as CEO shows the company’s decision to repose faith in a veeteran who seems to be aware of every aspect of the sportswear brand’s business.
Hill’s career has been evenly divided between sales, retail and marketplace, equipping him with a comprehensive view of the business. He has also served a diversity of businesses from EMEA to USA and then Global business. In 2010, Hill was promoted to VP and GM of North America, followed by president of geography and sales in 2013.
In 2016, the marketplace division was added to his portfolio. In 2018, Hill was promoted as president of the consumer business while retaining the marketplace portfolio. Hill is proud of his association with Nike and mentions this in his profile description on LinkedIn: ” I started my career at NIKE as an intern in 1988, taking on 19 different roles within the organization before retiring in 2020 as President – Consumer and Marketplace.” He was quick to update the profile to state that he was returning to lead Nike as President and CEO next month.
Elliot Hill family, salary and net worth
Hill said he enjoyed retired life, keeping himsel fbusy with hiking, running and cycling. His family includes his wife Gina and chidren Peyton and Austin. Hill is also a member of the board of trustees at Texas Christian University, water filtration solutions company Culligan International, and apparel company Tecovas, among other roles.
The incoming Nike CEO has also founded a baseball team called Austin Moontowers. He is an alumnus of Ohio University and Texas Christian University.
Hill”s estimated net worth is $29.1 million, Benzinga reported. He will earn a sum of $1.5 million per annum, the Fast Company reported citing people with knowledge of the matter. He will draw a 200 per cent bonus combined with company stocks and cash grants worth $7 million, according to the report.
Disney playbook for Nike?
In tapping Hill to head the company, Nike seems to have taken a page out of entertainment giant Disney’s playbook, which called back veteran Bob Iger to helm the business amid challenging economic conditions. Iger touched the ground running by slashing jobs and pulling back from geographies to ensure cost savings for the company.
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