Former Nike top executive Tom Peddie is coming out of retirement to help Nike deal with its declining sales and tough competition.
In our previous report, we discussed the legal dispute involving Nike, where CEO John Donahoe is accused of providing investors with inaccurate information about the success of the company's direct-to-consumer (DTC) strategy.
This alleged misinformation has prompted investors to call for Donahoe to step down and demands for a change in leadership following a significant 32% drop in Nike's shares.
According to reports, Peddie's mission is to fix relationships with retailers and bring back the glory days of Nike's sales.
Nike's direct-to-consumer strategy seemed like a good idea at first, but it backfired. While their direct-to-consumer sales went up, they neglected everyday runners, allowing other brands to take the spotlight.
Now, Nike is trying to patch things up with retailers and win back customers by launching new affordable shoe lines.
Nike is in for a tough ride, but having Peddie on board could be just what they need to get back on track.