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John Donahoe to be New Nike CEO

Sports apparel company Nike is our third-most widely held stock in US portfolios. In aggregate we hold $16 349 034 worth of Nike shares across 378 client accounts.

In news out last night, the company announced that its long-serving CEO Mark Parker is stepping down on January 13, 2020. He will be replaced by a veteran tech executive John Donahoe. Despite having already had a glittering corporate career, he is only 59 years old.

In the picture below, Parker is on the left and Donahoe is on the right.



Donahoe spent 23 years at Bain & Company, and rose to the position of CEO in 1999. He jumped to online retailer eBay as CEO from 2008 to 2015. In 2017 he took over as CEO of cloud-computing software company ServiceNow. He has been on the board of Nike since 2006. He is also the current chairman of the board of Paypal. This guy is a power player, that's for sure.

So apart from being a corporate titan, a great manager, and knowing Nike very well, Donahoe can lead Nike's mobile-first and direct to consumer projects. Sounds like an ideal person to run an iconic company that is already firing on all cylinders!

It is notable that ServiceNow shares fell 15 percent in after-hours trading. They must be bummed to see him go.

Have a look at his Wikipedia page: John Donahoe. More background on Nike's tech projects here: Shoe giant moves further into tech.


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