Consumer
Nike Seeks to Wipe Slate Clean for New CEO, Withdraws Guidance
- Company also postpones investor day ahead of Hill’s arrival
- Stock declines after quarterly revenue falls short of estimate
This article is for subscribers only.
Nike Inc., facing one of its roughest patches in decades, moved to reset Wall Street’s expectations ahead of new Chief Executive Officer Elliott Hill’s arrival.
The sportswear company withdrew its full-year sales guidance on Tuesday, citing the leadership transition later this month. Nike is also postponing its investor day, which had been scheduled for November, giving Hill more time to develop his turnaround strategy.