The boss of Nike will step down next month, making way for a company veteran to take his place as the leader of the world’s biggest sportswear company amid tough competition in the retail sector.
In a statement, Nike said John Donahoe will retire on 13 October, staying on in an advisory role until early next year to “ensure a smooth transition”.
Demand for the company’s trainers has been faltering in international markets like China and the company’s stock price had slumped.