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Axios

Axios

Nike CEO Mark Power to be replaced by ServiceNow CEO John Donahoe

Photo: Mike Coppola/Getty Images

Longtime Nike CEO Mark Parker will step down in January 2020 and will be replaced by John Donahoe, CEO of ServiceNow and a Nike board member, the company announced Tuesday.

Why it matters: Nike stock hit an all-time high just earlier this week, and now gets a new CEO with vast digital experience.

The big picture: Parker has been at Nike for the past four decades, serving as CEO since 2006, according to CNBC. Donahoe will be replaced at ServiceNow by Bill McDermott, the former CEO of SAP.

This story is developing. Please check back for updates.

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