by
Bloomberg
Published
July 12, 2024
A veteran Nike Inc. executive has moved into a senior adviser role to Chief Executive John Donahoe and the rest of the leadership team, according to an internal memo seen by Bloomberg.
Thomas Clark, who joined the company in 1980, was the sneaker giant’s chief innovation officer and will take on a role as Donahue’s assistant starting this week focused on growth initiatives, according to the memo. John Hoke, who has been with the company for 30 years, will take over Clark’s role.
Nike confirmed that Clarke and Hawke will switch roles.
The company has been under increasing pressure to improve results amid a sharp drop in stock prices and declining sales. Nike recently brought back a retired executive to oversee retail relationships, which had worsened during Donahoe’s four-year tenure as the company shifted distribution of some products to its own channels from chains such as Foot Locker Inc.
Clark has held several positions at Nike, ranging from director of biomechanics research to chief operating officer, according to the company’s website. He also previously served on the company’s board of directors.
In the memo, Donahue said Clark’s experience and deep knowledge of the brand made him “uniquely positioned to help us through this pivotal point.”