One month ago, Nike (NYSE: NKE) stock bizarrely jumped when Starbucks named a new CEO. While that news had nothing to do with Nike, it seemed to give investors a glimmer of hope that change was possible at the struggling footwear giant as Starbucks, which had been similarly flopping, jumped when it announced Brian Niccol as its next CEO.
Now Nike is indeed following in Starbucks' footsteps, having announced its own CEO change after hours on Thursday, and the stock jumped 7.6% after hours on the news.
Nike said that Elliott Hill, formerly a longtime executive, would become its next CEO, replacing John Donahoe, whose stewardship led to a decline in the brand and its performance since he took over in 2020.
Source Fool.com