Nike Inc. said Thursday it has named Elliott Hill as its president and CEO, replacing John Donahoe, who will retire next month.
Hill is returning to the company from which retired in 2020. He previously held leadership positions at the sportswear giant across Europe and North America. Before his retirement, he served as the president of consumer and marketplace operations for Nike and the Jordan brand.
Nike’s sales have weakened recently and its stock is down about 24% year-to-date. In its most recent quarter, which ended on May 31, the company reported a 2% revenue decline. Donahoe said at the time that the company is approaching its “near-term challenges head-on, while making continued progress in the areas that matter most to Nike’s future.”
In February, the company based in Beaverton, Oregon, announced it was cutting 2% of its global workforce, or little over 1,600 jobs, aiming to cut costs and reinvest the savings into what it sees as big growth areas like sport, health and wellness.
Nike’s stock jumped almost 8% following the announcement, which came after the close of regular-session trading on Wall Street.
Avid to acquire Wolftech Broadcast Solutions
Avid® has entered into a definitive agreement to acquire Wolftech Broadcast Solutions, a company known for cloud-based multiplatform planning and publishing news production solutions. This strategic move illustrates Avid’s focus on transforming news, sports, and live production workflows.
The acquisition will allow Avid to combine its digital-first, end-to-end media solution with Wolftech’s expertise in story-centric workflow management. The integration of Wolftech and Avid is intended to enable news organizations to rapidly deliver stories through multiplatform amplification, significantly increasing efficiency and improving remote collaboration.
Avid and Wolftech are committed to openness and customer choice. Wolftech already integrates with a wide range of tools, including Avid MediaCentral, and will continue to build integrations with Avid solutions and other industry-leading platforms. With this acquisition, Avid will deepen the integration between the two toolsets while continuing to partner with a wide range of media production tools and newsroom systems. Existing Wolftech customers will benefit from Avid’s global scale for customer support and professional services.
The planned acquisition of Wolftech positions Avid to deliver a unified suite of integrated tools with unique AI-powered features that will enable news production organizations to:
--Break Down Silos: Unlock creativity and operational clarity by breaking down silos between digital, broadcast and long-form teams.
--Increase Efficiency: Get the most out of resources with sophisticated planning and analytics tools.
--Focus on the Story: Capture audiences and amplify stories faster across any distribution platform.
--Get Teams Interacting:... Read More