Nike announced Thursday that CEO John Donahoe will step down, with veteran Elliott Hill returning from retirement to take over. Nike is undergoing restructuring after shifting focus to direct-to-consumer sales. Critics claim this move led to a decline in innovation. Hill, a 32-year Nike veteran, aims to restore the company's culture and product leadership. Shares rose 8% in extended trading. Nike's stock is down 25% this year.
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00:00It's Benzinga, and here's what's on the block.
00:02Nike announced Thursday that CEO John Donahoe will step down with veteran Elliott Hill returning
00:07from retirement to take over.
00:09Nike is undergoing restructuring after shifting focus to direct-to-consumer sales.
00:14Critics claim this move led to a decline in innovation.
00:17Hill, a 32-year Nike veteran, aims to restore the company's culture and product leadership.
00:22Shares rose 8% in extended trading.
00:25Nike stock is down 25% this year.
00:27For all things money, visit Benzinga.com.
00:30For more information visit www.benzinga.com