by
Bloomberg
Published
July 9, 2024
Nike Inc. has rehired a retired senior executive to oversee retail partnerships after strained relations with sneaker retailers and declining sales.
Tom Peddie, a veteran Nike executive who worked at the company for 30 years before the company announced his retirement in 2020, is returning as vice president of marketplace partners, according to an internal memo seen by Bloomberg.
Nike Inc. is trying to rebuild its relationships with retailers like Foot Locker Inc. after pulling products from many stores in favor of its own stores, e-commerce and apps under Chief Executive John Donahoe. The company’s stock has fallen 33% this year through Monday as sales continue to slide.
“As we continue to focus and enhance capabilities in our wholesale business, I am confident that Tom will bring bold vision and leadership to accelerate our go-to-market strategy,” Craig Williams, Nike’s president of geography and markets, said in the memo.
Peddie has held a number of senior management positions during his career at Nike. In his most recent role, he served as vice president and general manager of Nike North America. He is scheduled to return to Nike on June 24, according to the memo.
A Nike spokesperson and Pedi did not immediately respond to requests for comment.