Nike Brings Back Retired Executive to Fix Slumping Retail Sales

Nike Inc. has rehired Tom Peddie, a veteran executive with 30 years of experience at the company, as vice president of marketplace partners to address declining retail sales. Peddie had retired in 2020, but his return comes as Nike aims to mend relationships with retailers such as Foot Locker Inc., after previously shifting sales to its own stores, e-commerce, and apps under CEO John Donahoe.

The decision comes in response to the company’s stock plummeting 33 percent this year, as highlighted in an internal memo seen by Bloomberg. Nike’s focus is to rebuild its wholesale business, leveraging Peddie’s extensive experience, as emphasized by Craig Williams, Nike’s president of geographies and marketplace.

Peddie previously served as vice president and general manager of North America at Nike, demonstrating his deep understanding of the market. His comeback is expected to bring visionary leadership, hoping to rejuvenate Nike’s retail strategy and restore strong partnerships with marketplace partners.

The move underscores Nike’s strategy to combat slumping sales and stabilize its position in the competitive retail landscape.