Can a new CEO save Nike?

a month ago NIKE (NYSE: NKE) the stock jumped wildly when Starbucks appointed a new CEO. While the news had nothing to do with Nike, it seemed to give investors a glimmer of hope that change is possible at the struggling footwear giant, as Starbucks, which had suffered a similar setback, pounced when it announced Brian Niccol as its next CEO.

Now Nike is indeed following in Starbucks’ footsteps, having announced its own CEO change after hours Thursday, with shares up 7.6% after hours on the news.

Nike said Elliott Hill, a former longtime executive, will become its next CEO, replacing John Donahoe, whose administration has seen the brand and its performance decline since he took over in 2020.

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