Nike CEO blows off steam with staff over stalled turnaround

Elliott Hill, chief executive of Nike Inc., during an interview in Milan, Italy, on Feb. 11. Photo by Francesca Volpi/Bloomberg filesArticle contentAfter Nike Inc. announced a disappointing forecast for the year ahead, sending the company’s shares tumbling, chief executive Elliott Hill turned to staff to air his frustration.Sign In or Create an AccountEmail AddressContinueor View more offersArticle content“I’m so tired, and I know you are too, of talking about fixing this business,” Hill said in an all-hands meeting Tuesday, according to a recording reviewed by Bloomberg News. “I want to move to inspiring and driving growth and having fun.”Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.We apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentArticle contentNike shares fell as much as 13 per cent shortly after the start of regular trading Wednesday to the lowest intraday in more than 11 years. The company told investors that revenue is expected to decline in the current quarter and will be down for the rest of the calendar year. Weakness in Greater China and free-falling Converse sales are among management’s biggest challenges.Article contentWorkFP Work touches on HR strategy, labour economics, office culture, technology and more.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Work will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“You can’t just sit there and say everything’s great,” Hill said, referring to the investor call during which Nike issued guidance. “Frankly it needed to be different.”Article contentA spokesperson for Nike didn’t immediately comment.Article contentWhen Hill took over in October 2024, he worked to erase some of the moves of his predecessor, refocusing the business on sports and building back the company’s relationships with wholesale partners. Despite the strategy shift, shares are down more than 35 per cent since he took over.Article contentHill said that parts of his strategy “took longer, way longer than I’d like.” The company’s results have been a split screen, with areas like North America and running improving, but not enough to win over investors.Article contentArticle contentNike Chief Financial Officer Matthew Friend shared a similar sentiment. “We knew looking forward at the forward-looking forecast that the trajectory for the business was stepping down.”Article contentRead More Nike’s comeback takes shape and boosts shares Lululemon faces new threat with debut of Nike-Kardashian line Article contentFriend told employees that they needed to be careful with their budgets, only spending where it makes sense.Article content“We’re going to be managing costs carefully as we have been doing,” the CFO said. “I realize that that creates a tension inside, but I just need you to know that the reason why that tension is there is because our business is not moving in the right direction.”Article content“I hate to lose, and we’ve got work to do in some of these places,” Hill added.Article contentBloomberg.comArticle contentTrending Suncor reveals expansion plans as key oilsands mine enters its last decade Energy Terence Corcoran: Canada hates Trump but loves his economics FP Comment KPMG faces OSC allegations of blown audit in private credit collapse Finance U.S. within 'weeks' of oil shortages if war in Iran continues: Eric Nuttall Oil & Gas ‘Revoke the agreement’: Alberta-Ottawa energy pact faces pushback Energy Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Suncor reveals expansion plans as key oilsands mine enters its last decade Energy Terence Corcoran: Canada hates Trump but loves his economics FP Comment KPMG faces OSC allegations of blown audit in private credit collapse Finance U.S. within 'weeks' of oil shortages if war in Iran continues: Eric Nuttall Oil & Gas ‘Revoke the agreement’: Alberta-Ottawa energy pact faces pushback Energy