Nike CEO Fixes 10% Revenue Drop by Promising to Obsess About Sport Again
KEY POINTS
- •Elliott Hill became Nike's CEO in October 2024 amid declining sales and promised a sports-centered turnaround.
- •By May 2025, Hill restructured senior leadership including Amy Montagne as president and eliminated CTO and CCO roles.
- •Hill mended relationships with wholesalers, reduced promotions, raised prices, and refreshed Nike's flagship New York store.
Elliott Hill returned from his 2020 Nike retirement in October 2024 to rescue the shoe giant amid a 10% revenue nosedive to $11.6 billion and rivals breathing down its Swoosh. Hill's master plan included reorganizing 8,000 employees into four sports categories, proving for once that corporate reshuffles can actually mean something. He kicked off a 'win now' strategy focused on culture and marketing, promoted Amy Montagne to Nike president, canned the CTO and CCO roles, then installed a COO to 'integrate technology more seamlessly into our sport offense' – which sounds like tech got traded for jerseys. Nike’s wholesale lovefest with Foot Locker restarted, while Hill played premium by axing over 30 promotions in two months, preaching 'full price' like a sneaker gospel. Meanwhile, their House of Innovation New York flagship spruced up its six floors, with running on the main stage driving double-digit revenue gains, apparently validating the idea that people do like buying shoes for the sport they actually play. The rollercoaster of Nike’s comeback? ‘Won't be a straight line,’ Hill said – but with all these plot twists, you might want to buckle in.
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Nike’s CEO just realized obsessing about actual sport might fix a 10% revenue drop. Give it a year before 'basketball sneakers' are 'all about the vibes.'
Nike's new CEO fired the CTO but hired a COO to 'seamlessly integrate technology into sport offense.' Someone call the nerds at ref camp.
Turning off 30 digital promotions just to charge full price? Nike’s pricing strategy is the retail equivalent of a 'blink twice if you’re serious' whisper.
Source: Businessinsider | Published: 12/22/2025 | Author: Jordan Hart
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