Nike initiates layoffs in technology division as part of strategic overhaul

Nike has announced layoffs within its technology division as part of a broader strategic overhaul under CEO Elliott Hill, who took the helm in October 2024. While the company has not disclosed the exact number of affected employees, the restructuring aims to streamline operations and shift certain technological functions to third-party vendors .

The layoffs reportedly impact staff in the strategic enterprise and corporate functions departments, which are integral to managing business processes . This move comes amid a challenging period for Nike, with its stock down 18% year-to-date as of May 19, 2025, significantly underperforming the S&P 500’s 1.4% gain over the same period .

CEO Elliott Hill, a 32-year Nike veteran, was brought back to steer the company through a period of stagnating sales and loss of market share to trendier competitors such as On Holding AG and Hoka . Since assuming leadership, Hill has made several changes to the company's senior leadership team as part of a broader turnaround strategy .

The restructuring reflects Nike's ongoing efforts to revitalize the brand and respond to competitive pressures in the athleticwear market.