Nike CEO John Donahue to Retire, Replaced by Veteran Elliot Hill, as Iconic Sneaker Brand Focuses on Reviving Innovation

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.