Nike Executive's Return To Become Top Leader Continues 'Boomerang CEO' Trend At Major Companies

Nike, Inc. NKE is the latest company to take part in what has become a trend among big companies: bringing back an executive to assume the role of CEO.

The sneaker giant announced on Thursday the appointment of Elliott Hill, the company’s former president of consumer and marketplace who has been with Nike for three decades, as its new CEO to replace retiring CEO John Donahoe.

Nike is not alone in having an executive — the company’s former CEO, in many cases — return to the company to fill its top leadership post in a “Boomerang CEO” trend.

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• Bob Iger: Almost two years ago, Iger returned to The Walt Disney Company DIS as its CEO to replace CEO Bob Chapek. Iger previously served in that top role from 2005 to 2020. Last July, the company’s board voted unanimously to extend his CEO contract to the end of 2026.

• Howard Schulz: In April 2022, Schulz returned to the CEO post at Starbucks Corporation SBUX for the third time in an interim capacity to fill in for retiring CEO Kevin Johnson. Schulz founded the company and served as CEO first from 1986 to 2000 and again from 2008 to 2017. He stepped down as interim CEO in August to hand over the reins to Brian Niccol, former CEO of Chipotle Mexican Grill, Inc. CMG.

• Kevin Plank: At the end of April, Plank returned as CEO of Under Armour, Inc. UA to replace Stephanie Linnartz. He previously served as CEO of the apparel company from 1996, the year he founded it, to 2020.

• Sam Altman: In November 2023, Altman returned as the CEO of OpenAI just four days after he was ousted from the position. He was reinstated as CEO on Nov. 22, two days after employees demanded that Altman be given back his CEO job.

• Sergio Ermotti: In April 2023, Ermotti returned as the CEO of UBS Group AG UBS to oversee its takeover of Credit Suisse. Ermotti, who assumed the position after CEO Ralph Hamers stepped down, was previously UBS’ CEO from November 2011 to November 2020

Price Action: These companies with returning CEOs saw gains and losses into Friday’s early-afternoon trading.

• Nike rose 6.41% to $86.17
• Walt Disney gained 0.11% to $93.55
• Starbucks dropped 0.64% to $96.28
• Under Armour edged up 0.87% to $7.55
• UBS slipped 1.43% to $29.97

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