Nike rehires former senior executive to combat declining sales

Sportswear giant Nike has reportedly rehired retired industry veteran Tom Peddie in a bid to overturn declining sales.

Nike Inc. is said to have brought back the senior executive to manage its retail partnerships after relationships with several external retailers dampened, according to a recent report from Bloomberg,

Peddie, who worked at Nike for three decades before the company announced his retirement in 2020, will take up his former role as vice president of marketplace partners.  The move comes as Nike continues to roll out its three-year cost-saving strategy to boost sales and compete with increasing competition from the likes of new brands such as Hoka. 

Although Nike is in the process of removing up to 2 percent of its current employees, Peddie's presence at the company as the brand rebuilds its relationship with third-party retailers like Foot Locker Inc. after pulling several products from wholesale partners in a bid to drive more traffic to its own stores, e-commerce platforms and apps.