Nike brought back a 32-year veteran to save the $60B brand. Its turnaround is still a 'long, hard slog' | Fortune

Elliott Hill returned to Nike in 2024 to replace John Donahoe as chief executive, and the initial market celebration has since faded. After the September 2024 announcement, Nike shares rose about 8% in after-hours trading. Hill, who spent more than 32 years at Nike and retired in 2020, had been credited then with growing the business to roughly $39 billion. Nearly two years later, Fortune reports that relationships with wholesalers have improved, the company has reduced the flood of once-hot sneaker styles sold in the retail market, and resources have returned to athletic innovation. However, overall momentum remains weak: fourth-quarter revenue fell 1% to $11 billion, and analysts say there are no “quick fixes.”