After a tumultuous few years marked by declining sales, lacklustre innovation and decimated retail relationships, John Donahoe has stepped down as CEO of Nike.
His departure comes on the heels of mounting criticism over Nike’s digital transformation strategy, which hit a critical juncture on June 28 when the company’s market capitalization plummeted by $28 billion following a dismal earnings report. The report projected that Nike’s revenues would drop by “mid-single digits” in fiscal 2025, triggering the worst day for Nike stock since its 1980 IPO.
It was a downturn that many industry insiders had long anticipated. Although Donahoe was brought in from Silicon Valley with a mandate to make Nike a
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