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Nike CEO Elliott Hill Invests Over $2 Million in Company Stock Amid Turnaround Efforts
Elliott Hill told NBC News the company is in cleanup and resetting mode after a yearslong sales slump. Nike shares hit their lowest point since late 2014 on April 13, the day Hill purchased more than $2 million worth of stock. The comments came in the first installment of NBC’s new “Business in America” series.
May 11, 5:00 PM·2m read1 source
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Nike CEO Elliott Hill purchased more than $2 million worth of the company’s shares on April 13, the same day Nike shares hit their lowest point since late 2014. Hill spoke to NBC News in an exclusive interview last week at the company’s Beaverton, Oregon headquarters. The interview was the first installment in NBC’s new series, “Business in America,” which launched Monday.
Hill took over as Nike CEO in October 2024 after the company announced in September 2024 that he had been tapped for the top job. Nike shares are down by more than 50% since that September 2024 announcement. 5% since its April low, some analysts remain cautious.
Analysts at Bank of America downgraded Nike stock from “Buy” to “Neutral” on April 10. Analysts at UBS wrote on April 13 that investors were “wondering if earnings estimates and sentiment have fallen far enough to justify buying [Nike] stock now. ” The company released its most recent earnings report on March 31.
3 billion. Nike projected that revenue in the current quarter would decline between 2% and 4%. Nike predicted that revenue for the full calendar year would only be in the low single digits.
He noted that Nike has 78,000 employees. “It’s a big company — 78,000 employees — it takes time to reorient a company around three brands in sports,” he said. Nike’s three brands are its namesake Nike brand, Converse and the Jordan brand.
” “Where we make mistakes is when we forget who we’re serving,” Hill said. ” Nike has also faced challenges in the China market. “The path back is through sport,” Hill said regarding the China market.
