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The boss of Nike will step down next month, making way for a company veteran to take his place as the leader of the world’s biggest sportswear company amid tough competition in the retail sector.<\/p>\n
In a statement<\/a>, Nike said John Donahoe will retire on 13 October, staying on in an advisory role until early next year to “ensure a smooth transition”.<\/p>\n Demand for the company’s trainers has been faltering in international markets like China and the company’s stock price had slumped.<\/p>\n Shares rose more than 9% in after-hours trading, however, following the announcement that Elliott Hill would return to the firm.<\/p>\n<\/div>\n Mr Donahoe was responsible for boosting Nike’s online presence, as well as driving more sales directly from customers instead of partnering with other shops on High Streets or in shopping centres.<\/p>\n He joined the company’s board in 2014 before taking on the role of chief executive in 2020. <\/p>\n His tenure has been challenging with huge shifts in the retail landscape during the pandemic and as inflation spiked in the following years.<\/p>\n The footwear firm has also faced tough competition from the likes of newer rivals like On and Hoka, which some analysts have described as being more innovative and on-top of current trends.<\/p>\n