(Bloomberg) -- A longtime Nike Inc. executive is moving into the role of senior adviser to Chief Executive Officer John Donahoe and the rest of the leadership team, according to an internal memo seen by Bloomberg.
Thomas Clarke, who joined the company in 1980, was most recently the president of innovation at the sneaker giant and will move into a role aiding Donahoe starting this week that focuses on growth initiatives, according to the memo. John Hoke, a 30-year company veteran, will be taking over for Clarke.
Nike confirmed that Clarke and Hoke are changing roles.
The company has been under increasing pressure to improve results amid a plummeting stock and slumping sales. Nike recently brought back a retired executive to oversee retail relationships, which have soured under Donahoe’s four-year reign as the company shifted distribution of some products to its own channels from chains such as Foot Locker Inc.
Clarke had several roles at Nike, starting as director of biomechanics research and reaching chief operating officer, according to the company’s website. He also previously served on the board.
In the memo, Donahoe said Clarke’s experience and deep knowledge of the brand had him “uniquely positioned to help us during this pivotal point.”
--With assistance from Kim Bhasin.
©2024 Bloomberg L.P.
