New Nike CEO Hill has the right skill set for the job: Analyst
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There has been a big C-suite shake-up at Nike (NKE). CEO John Donahoe is retiring. He will be replaced by former Nike executive Elliott Hill, effective October 14.
Bernstein senior analyst Aneesha Sherman likes the move, saying it's good news for the stock, citing two reasons: Hill will be the new CEO and the announcement's timing. She notes that Hill has a long history at Nike, especially with the product, and appears to be well-liked at the company. "This is not only the right skill set in terms of understanding product and understanding Nike. I think he will be the right leader in terms of communication and vision because he's already very well known and liked within the organization," Sherman tells Yahoo Finance.
As for timing, Sherman points to the fact that Hill will be in place in time for the company's investor day on November 19, giving him the opportunity to share his vision for the company rather than the outgoing CEO's.
When it comes to Hill's priorities, Sherman thinks he will need to set up what his vision for the company is and then do more work to get the company's "mojo" back.
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Watch the video above to hear who Sherman says has benefited from Nike's troubles.
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This post was written by Stephanie Mikulich.