Top CEO Admits Company Went Too Woke As Stock Hits 12-Year Low

Nike CEO Elliott Hill is putting sports back at the center of the struggling athletic giant as the company’s stock sinks to levels not seen in more than a decade.

Hill laid out the company’s latest turnaround push in an Oct. 1 memo to employees, one day before Nike shares closed at $33.87, their lowest level in more than 12 years.

“Over the past year, we’ve put sport at the center of everything we do. We’re seeing encouraging signs of progress, but we have more work to do to win over the long term.”

The message stood out after years in which Nike increasingly mixed its athletic brand with controversial social and political campaigns.

The company featured former NFL quarterback Colin Kaepernick in a major “Just Do It” campaign in 2018 and later rolled out its “For Once, Don’t Do It” campaign following George Floyd’s death in 2020.

Nike also partnered with transgender influencer Dylan Mulvaney in 2023 to promote women’s athletic apparel, drawing criticism from some consumers.

Those campaigns did not single-handedly cause Nike’s financial decline. The company’s shares actually reached an all-time closing high in 2021, years after several of its most controversial advertisements.

But Nike’s stock has since suffered a brutal reversal as the company wrestles with weaker demand, problems in China, excess reliance on retro products and increased competition.

Shares closed at $33.87 on Oct. 2, down dramatically from their 2021 peak.

Woke Nike getting trashed on @CNBC this morning.

“I don’t think it’s going to be a Dow component much longer… how badly was it mismanaged, and I’ve got my own reasons for not liking Nike I can talk about. I haven’t bought a Nike product since they gave someone $20 million because he was kneeling at the National Anthem. I don’t know who decided that was a good idea. I have not bought a product since then.”

Nice work @JoeSquawk

— Thomas Hawk (@thomashawk) October 1, 2026

Hill’s latest restructuring plan, dubbed “Pace,” calls for Nike to become more agile, athlete-focused and responsive to consumers.

The company plans to reorganize around three geographic regions, modernize its supply chain and establish a new campus in Bengaluru, India.

Nike also expects to eliminate more positions beginning in 2027.

Hill told employees that the changes are designed to redirect resources toward the company’s core business.

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“These decisions are about redirecting investment toward the areas most critical to winning: product innovation, brand storytelling, consumer connection, sport and growth.”

Nike has already acknowledged that its comeback remains unfinished.

“The Sport Offense is driving measurable progress across our performance business, and we introduced Pace to help us accelerate and scale that momentum across NIKE,” said Elliott Hill, President and Chief Executive Officer, NIKE, Inc. “We have more work to do in NIKE Sportswear, Jordan Brand and Greater China, and we’re taking deliberate actions to strengthen those businesses the right way for the long-term.”

The company has also faced criticism over its handling of major athletes, including WNBA superstar Caitlin Clark, whose signature shoe arrived well after her explosive rise in popularity.

Meanwhile, Nike’s financial troubles have continued to test investor confidence in Hill’s turnaround effort.

Reuters reported that the company’s market value and earnings have fallen sharply while Nike continues trying to rebuild wholesale relationships, revive innovation and stabilize struggling businesses including Greater China and Jordan Brand.

The company’s own messaging now leaves little doubt about where management wants Nike focused.

Sports, athletes and products are once again being pushed to the forefront as the iconic brand tries to recover from one of the roughest stretches in its modern history.

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