What new Nike CEO Elliott Hill brings after Donahoe

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Conway Gittens: I’m Conway Gittens, reporting from the New York Stock Exchange. Here’s what we’re watching today on TheStreet.

Wall Street is focused on corporate news. FedEx posted disappointing quarterly profits due to falling demand for its fastest shipping options. The package delivery industry is still experiencing a slowdown from the heady days of the pandemic – when everyone was stuck at home and had everything delivered.

Related: Nike Acts Up After New CEO Named

Back to another major corporate title: A familiar face returns to take the top spot at Nike. Elliott Hill returns as CEO, replacing outgoing chief executive John Donahue.

Hill has had a storied career at the athletic equipment company. He started as an intern in 1988 and stayed until his retirement 32 years later. During that time, he helped Nike maintain its dominance – overseeing commercial and marketing operations for both the Nike brand and the lucrative Jordan moniker. He also oversaw departments in both Europe and North America.

Hill will need all that experience to help pull Nike out of its funk. Under his predecessor, Nike focused less on the innovative designs famous for the bright lines at the debut of the sneaker – rivaling every other product except the iPhone. That left the door open for its main rival Adidas to regain momentum. At the same time, a number of upstarts like Hoka and On came nipping at their heels.

Another misstep: Nike began reserving products for direct-to-consumer sales from its own website, creating a rift with major retail partners like Footlocker. The bottom line: Sales in its biggest market — North America — fell for the fiscal year, and the company warned of more weakness.

Investors are happy with Hill’s comeback. Nike shares made the news but are down 20% year to date.

That will do for your daily briefing. From the New York Stock Exchange, this is Conway Gittens with TheStreet.

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