By
Bloomberg
Published
October 11, 2024
Nike Inc. named a recently returned executive to oversee its North America business ahead of the arrival of new Chief Executive Officer Elliott Hill.
Tom Peddie will become the vice president and general manager for North America, the company said in a statement Thursday. Peddie retired from Nike in 2020, but came back to the company just months ago as its vice president of marketplace partners. He’s replacing Scott Uzzell, who is leaving the company, and will start in his new role on Oct. 21.
It will be the second time Peddie has held this position. He’ll be reporting to Craig Williams, Nike’s president of geographies and marketplace.
“Tom’s outstanding relationships with our retail partners and deep experience in developing an integrated marketplace will be critical to accelerating our future success,” Williams said to the staff in a memo seen by Bloomberg News.
Part of Nike’s recent struggles have been related to its earlier efforts under outgoing CEO John Donahoe to prioritize sales through its own retail channels, rather than traditional partners such as Foot Locker Inc. and Zappos.com Inc. Nike is now trying to rebuild those relationships.
Peddie’s return to Nike was highlighted by CFO Matt Friend in the company’s most recent earnings call. Peddie, the rest of the team, and the company’s partners are “leaning in, in order to be able to reignite growth and momentum for Nike on the wholesale side,” Friend said. Williams Trading said last month in a note that “Nike’s wholesale partners with whom we have spoken are very pleased with Mr. Peddie’s return.”
Hill is poised to become CEO on Oct. 14.
Nike shares were little changed in late trading in New York. The stock has fallen 24% this year through Thursday’s close, compared with a 21% rise of the S&P 500 index.