Reported 8 months ago
Nike CEO John Donahoe, who took office four years ago, decided to break away from retail partners and focus on online sales through the official website, neglecting innovation which led to Nike losing competitiveness. After announcing layoffs of 1,600 employees in February this year, Donahoe faced backlash from over 20,000 employees during a Zoom meeting, expressing disappointment in the company's recent performance. Facing declining revenue and stock prices, Donahoe admitted to making wrong decisions and emphasized the need to return to developing innovative sports footwear products. Despite his initial strategy of cutting retail partnerships and focusing on online sales, Nike is now shifting back to innovation and working on strengthening retail channels.
Source: YAHOO