Skip to player
Skip to main content
Skip to footer
Search
Connect
Watch fullscreen
Like
Comments
Bookmark
Share
Add to Playlist
Report
Nike CEO to retire after four years at the helm
The Street
Follow
9/20/2024
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Nike getting a new CEO.
Category
🥇
Sports
Transcript
Display full video transcript
00:00
I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04
Wall Street is focused on corporate news. FedEx posted disappointing quarterly profits
00:09
thanks to a drop in demand for its fastest shipping options. The package delivery industry is still grappling with a slowdown
00:15
from the heady days of the pandemic when everyone was stuck at home and having everything delivered.
00:23
Turning to another big corporate headline of familiar faces coming back to take over the top spot at Nike.
00:29
Elliott Hill is returning as CEO
00:32
replacing outgoing chief executive John Donahoe. Hill has a storied career at the athletic gear company.
00:38
He started as an intern back in 1988 and stayed until he retired 32 years later. During that time
00:45
he helped Nike retain its dominance,
00:48
overseeing commercial and marketing operations for both the Nike brand and the lucrative Jordan moniker.
00:54
He also oversaw departments in both Europe and in North America.
00:58
Hill will need all that expertise to help lift Nike out of a funk. Under his predecessors rule,
01:04
Nike focused less on the innovative designs famous for sparking lines at sneaker debuts rivaling any other product except the iPhone.
01:12
That left the door open for its main rival Adidas to regain momentum. At the same time a number of upstarts like
01:19
Hoka and On came nipping at its heels.
01:22
Another misstep, Nike started reserving products for direct-to-consumer sales from its own website.
01:28
Creating a rift with major retail partners like Foot Locker. The end result, sales in its biggest market North America
01:35
fell for the fiscal year and the company warned of more weakness ahead.
01:39
Investors are happy with Hill's return. Shares of Nike popped on the news, but are down 20% year to date.
01:48
That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittins with the street.
Recommended
0:22
|
Up next
Bezos-Sanchez Wedding Brings in $1.1B for Venice
Cheddar News
yesterday
0:25
China's Largest Coffee Chain Opens First U.S. Locations
Cheddar News
yesterday
2:02
Boeing workers vote to accept new deal
The Street
11/5/2024
1:38
Foot Locker surges as sneaker heads prepare to pay full price
The Street
5/30/2024
2:03
World’s richest get richer after Trump election win
The Street
11/7/2024
1:51
McDonald’s to invest $1.3 billion in Europe over the next four years
The Street
8/21/2024
1:16
Nike's Vomero 18 Quietly Became A $100 Million Franchise In 90 Days As CEO Says It's 'Time To Turn The Page'
Benzinga
4 days ago
1:56
McDonald’s unveils plans for new value menu
The Street
11/22/2024
1:47
Cargill to lay off 5% of global workforce
The Street
12/3/2024
2:01
Big corporations will increase pay by almost 4% in 2025
The Street
9/16/2024
1:58
GameStop, AMC make a roaring comeback
The Street
5/13/2024
2:13
Dow faces 9th straight day in the red
The Street
12/17/2024
1:53
More affluent Americans are living paycheck to paycheck
The Street
10/28/2024
1:57
Warner Bros. Discovery to match Amazon’s NBA offer
The Street
7/23/2024
2:07
Boeing strike headlines $4.4 billion Q4 loss
The Street
1/24/2025
1:58
TikTok CEO hopes Donald Trump saves the day
The Street
1/17/2025
2:16
Amazon forces corporate employees back to the office
The Street
9/17/2024
2:04
Peloton CEO steps down, company to lay off 400 employees
The Street
5/2/2024
2:01
Boeing withdraws pay raise offer to striking workers
The Street
10/9/2024
2:00
Port strike over as workers agree to new deal
The Street
10/4/2024
2:01
Boeing increases offer to striking workers
The Street
9/24/2024
1:51
Judge strikes down ban on “noncompete” agreements
The Street
8/21/2024
1:39
Walmart stock hits all-time high
The Street
5/16/2024
2:08
New 401(k) and IRA contribution limits announced
The Street
11/4/2024
1:57
Boeing implements hiring freeze amid strike
The Street
9/16/2024