US Stock Market News | Nike Surges Over 5% After Announcing New CEO
After Nike announced its new CEO, the stock price rose by more than 5% to $85.49. Current CEO John Donahoe will resign on October 13th, and former executive Elliott Hill will take over. Analysts believe that this CEO change is a positive move, but the turnaround process is still long and uncertain. Hill's years of experience and reputation at Nike may inject vitality into the brand
According to CNBC, on Friday, Nike (NKE.US) stock price rose, with the stock up over 5% to $85.49 at the time of writing, following the announcement of a new CEO. Current CEO John Donahoe will resign on October 13th and serve as an advisor to the company until January 31st. He will be succeeded by former Nike executive Elliott Hill. Analysts believe that the CEO change at Nike is a step in the right direction, but the potential turnaround is still a long and uncertain process. They think that Hill's decades of experience at Nike and his reputation within the company and the industry could inject meaningful energy into the brand's products and marketing