Nike Inc. (NKE) shares experienced a significant jump in after-hours trading on Thursday, following the announcement of a CEO transition. The company revealed that Elliott Hill, a seasoned Nike veteran, will take the reins as president and CEO, effective October 14th. Hill’s appointment marks the retirement of John Donahoe, who has been serving as president and CEO.
Donahoe will officially step down from his role on October 13th but will remain an advisor to the company until January 31, 2025, to ensure a smooth transition. The decision to appoint Hill was made by the board and Donahoe, who cited Hill’s extensive experience and leadership style as key factors in his selection.
Mark Parker, executive chairman of Nike, emphasized Hill’s global expertise, leadership style, and deep understanding of the company’s industry and partners. Parker expressed confidence in Hill’s ability to lead Nike’s next stage of growth.
Throughout his career at Nike, Hill has held prominent leadership positions across Europe and North America. Prior to his retirement in 2020, he served as president of the company’s Consumer and Marketplace divisions, overseeing operations for Nike and Jordan brands. Hill expressed his enthusiasm for reconnecting with employees and partners, and his commitment to building new relationships that will propel the company forward.
Nike shares closed Thursday with a modest gain of 0.099%. However, in extended trading, the stock surged by 10.01% to $89.09, according to Benzinga Pro. This substantial increase reflects the market’s positive response to the announced CEO transition.
