Nike welcomes new CEO with $27 million payday

Nike is replacing CEO John Donahoe with his former colleague, Elliott Hill, who previously worked at the shoe giant for over 30 years.

Transcript

00:00Nike is giving its new CEO, Elliot Hill, a compensation package valued at $27 million.

00:05That includes equity and cash awards valued at $7 million to make up for what he's leaving

00:10behind to reunite with Nike. He's also getting total possible cash and stock awards valued at

00:15$20 million, and a cash bonus and a long-term incentive award valued at $15.5 million are

00:21tied to performance metrics. Hill previously worked at Nike for over 30 years, starting as

00:26an intern in the 1980s and working his way up through several leadership positions. He's now

00:31returning after retiring in 2020 and replacing CEO John Donahoe. Hill's new job will be to help

00:37the brand amid toughening competition and lagging sales.