Nike on Thursday introduced it could exchange CEO John Donahoe along with his former colleague, Elliott Hill.
Hill, 60, is returning to Nike 4 years after retiring from the sneaker big. In line with the corporate, Hill spent a long time in management positions in Europe and North America, serving as president of its client and market enterprise items and main business and advertising operations for the Nike and Jordan manufacturers.
To welcome him again into the fold, Nike provided Hill a complete compensation package deal valued at $27 million. That features fairness and money awards valued at $7 million to make him complete for compensation he’s abandoning to reunite with Nike, and a complete doable 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 have worked with Elliott for more than 30 years and I look forward to supporting him and his senior management team as they seize the opportunities ahead,” Nike govt chairman Mark Parker mentioned in an announcement. Parker mentioned Hill’s return was a part of a “thoughtful succession process” and Hill landed the gig as a result of his world experience, management model, and fervour 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 complete 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 big has been combined. In the latest 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.
