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Hill is returning to the company from which retired in 2020. He
previously held leadership positions at the sportswear giant
across Europe and North America. Before his retirement, he
served as the president of consumer and marketplace operations
for Nike and the Jordan brand.
Nike's sales have weakened recently and its stock is down about
24% year-to-date. In its most recent quarter, which ended on May
31, the company reported a 2% revenue decline. Donahoe said at
the time that the company is approaching its “near-term
challenges head-on, while making continued progress in the areas
that matter most to Nike's future.”
In February, the company based in Beaverton, Oregon, announced
it was cutting 2% of its global workforce, or little over 1,600
jobs, aiming to cut costs and reinvest the savings into what it
sees as big growth areas like sport, health and wellness.
Nike's stock jumped almost 8% following the announcement, which
came after the close of regular-session trading on Wall Street.
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