Nike Rehires Veteran Executive to Revitalize Retail Partnerships

Tom Peddie returns to lead wholesale strategy as Nike shifts focus back to third-party sales amid declining revenue.

Tom Peddie, a 30-year Nike veteran, rejoined as VP of marketplace partners after retiring in 2020.
Nike's pivot to direct-to-consumer sales led to strained relationships with retailers and a significant drop in stock value.
The company faces fierce competition from emerging sneaker brands catering to casual runners and Gen Z shoppers.
Nike's recent earnings report showed a 2% revenue decline, with further sales drops expected in the coming quarters.
The company is launching more affordable product lines and strengthening retail ties to regain market share.