Nike has elevated one of its innovation executives to a new role.
The sneaker giant confirmed to FN on Thursday that Tom Clarke had been elevated to the role of senior advisor on strategic growth initiatives, reporting to Nike president and chief executive officer John Donahoe. He previously served as Nike’s president of advanced innovation for 11 years.
In a statement, Nike said that 30-year Nike veteran and former chief design officer John Hoke would take over the advanced innovation function. Hoke has served as Nike’s chief innovation officer since November.
The news marks the latest leadership change at Nike as it looks to overcome an innovation lag and increased competition from other brands in crucial categories like running. Earlier this week, FN reported that Nike rehired former senior executive Tom Peddie to the role of vice president of marketplace partners. He comes back on board during a critical time for Nike, which recently announced a renewed focus on the wholesale sector after pulling out of many doors in 2021 to focus on direct-to-consumer sales.
In recent months, Nike has lost several top leaders across its organization as it undergoes waves of layoffs to cut costs. According to a recent filing from Nike, many recently laid off employees were from the top levels of management.
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Donahoe said in a call with analysts last month that fiscal year 2025 will be “a transition year” for the company after it cut its outlook for the year. In light of its current challenges — which include declines in lifestyle sales, foreign exchange headwinds and macroeconomic uncertainty — Nike now expects revenues for fiscal year 2025 to be down in the mid single digits, with revenues for the first half of the year down in the high single digits. In the first quarter, sales are expected to be down 10 percent, reflecting muted wholesale order books, a softer outlook in China, as well as other factors.
