Overview

• Nike has announced layoffs in its technology division as part of a broader global restructuring initiative aimed at streamlining operations.
• The company plans to outsource certain technology roles to third-party vendors but has not disclosed the exact number of affected employees.
• Reports indicate that up to 500 positions in the technology department could be impacted, though this figure has not been confirmed by Nike.
• CEO Elliott Hill, who assumed leadership in October 2024, is driving the restructuring, which includes senior management changes to rejuvenate the company's strategy.
• The restructuring follows declining revenue projections and heightened competition in the athletic wear market, prompting efforts to cut costs and refocus on consumer demand.