New York
CNN
—
Nike, struggling from rising competition and its own strategy mistakes, is making a major shakeup.
The athletic giant announced Thursday that CEO John Donahoe will retire next month and will be replaced by Elliott Hill, a veteran former Nike executive.
Nike’s stock rose 9% during after-hours trading Thursday, a sign Wall Street was eager for a CEO change. Nike’s stock has dropped 24% so far this year.
This is a developing story and will be updated.