Nike Announces Layoffs of Less Than 1% of Corporate Workforce Amid Restructuring Efforts Under New CEO Elliott Hill

Nike is planning to cut less than 1% of its corporate workforce, affecting about 780 employees, as part of its turnaround plans under CEO Elliott Hill. The layoffs will not impact Nike's EMEA and Converse businesses. The company is realigning into cross-functional teams by sport to reconnect with athletes and consumers. Nike had previously announced a 2% job cut in February last year, impacting over 1,600 jobs.