Nike on Thursday introduced it could substitute CEO John Donahoe together with his former colleague, Elliott Hill.
Hill, 60, is returning to Nike 4 years after retiring from the sneaker large. In accordance with the corporate, Hill spent a long time in management positions in Europe and North America, serving as president of its shopper and market enterprise models and main industrial and advertising and marketing operations for the Nike and Jordan manufacturers.
To welcome him again into the fold, Nike provided Hill a complete compensation bundle valued at $27 million. That features fairness and money awards valued at $7 million to make him complete for compensation he’s forsaking to reunite with Nike, and a complete potential money and inventory awards valued at $20 million. His money bonus, and a long-term fairness incentive award valued at $15.5 million, are tied to efficiency metrics.
“Personally, I’ve labored with Elliott for greater than 30 years and I look ahead to supporting him and his senior administration workforce as they seize the alternatives forward,” Nike government chairman Mark Parker stated in a press release. Parker stated Hill’s return was a part of a “considerate succession course of” and Hill landed the gig as a result of his international experience, management model, and keenness for sports activities and athletes.
John Donahoe, who has led Nike since 2020, will keep on till he steps down on Oct. 14. Donahoe will stick round as a full-time non-executive worker of the corporate till his Jan. 31, 2025 retirement date. His excellent fairness will vest throughout that point. Donahoe’s whole compensation final 12 months was valued at $29 million, based on Nike. He joined Nike as a board member in 2014 earlier than being tapped as president and CEO in 2020.
His efficiency main the shoe large has been blended. In the newest quarter, revenues have been down 2% and the corporate projected gross sales declines for fiscal 2025. In June, the corporate’s market cap shed $24 billion.
