Nike's new CEO acknowledges the brand's rough run in his first message to staff

• Nike's new CEO, Elliot Hill, admitted things "haven't been easy" for the brand in a message to staff.
• Hill, a Nike veteran, will replace John Donahoe as CEO.

In his first message to employees, Nike's new CEO acknowledged that the company is facing challenging times.

Elliot Hill, who will replace John Donahoe as CEO next month, said things "haven't been easy" for Nike but called on employees to show "speed and a sense of urgency" to turn the iconic sneaker brand around.

"I know things haven't been easy, and we certainly have taken our fair share of shots," Hill said in a note to employees, which also included a video message, as reported by Bloomberg.

The new CEO reportedly told staff he would host an all-hands meeting on October 14 and encouraged them to send him questions with "what's on your mind."

In the video message, he told employees they would need to "rally as a team" and "move with speed and a sense of urgency."

Hill started at Nike as an intern in 1988, working his way up to the C-suite of the famed sportswear brand over the next 30 years.

He described Nike as a "core part" of his identity in a statement on Thursday, having previously retired in 2020.

Hill, who replaces John Donahoe as CEO, faces a challenge to turn around the sneaker company, which has seen its share price tumble this year.

The company has been cutting costs since December to save $2 billion over the next three years. Analysts told Business Insider that Nike would need to stop resting on its retro laurels and return to its roots as an innovator to succeed.

Hill has played up his background as a Nike veteran, and his hiring is a sign that Nike is turning to company insiders to spearhead the brand's revival.

The new CEO will have to do it on less money than his predecessor, however.

According to SEC filings, Hill's total compensation package will be $27 million, roughly $2.1 million lower than the $29.1 million Donahoe received in remuneration in 2023.

Nike did not respond to a request for comment, sent outside normal working hours.