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Good morning. Footlocker’s Mary Dillon, UPS’s Carol Tomé, and Disney’s Bob Iger—each of these executives stepped away from the corporate spotlight only to return to the helm as CEOs. Joining their ranks is Nike’s new CEO, Elliott Hill, the latest retiree to heed the call of leadership once again.
In 2020, Hill stepped down as Nike’s president of consumer and marketplace, concluding a three-decade career with the company that began as an intern in 1988.
During his retirement, Hill embraced a second act. He moved back to his hometown of Austin, launched a junior-league baseball team, and enjoyed outdoor activities like skiing and biking with his wife, whom he met during his first week at Nike. (The day of our interview happened to be their wedding anniversary.) He spent quality time with his kids, invested in various projects, joined board meetings, and prioritized his health—a welcome shift after years of jet-setting.
Still, something was missing. As we walked along the Ronaldo Nazário soccer field on Nike’s 400-acre Beaverton, Oregon, campus, Hill reflected on his time away. “There were moments after board meetings, for example, where my role was to steer, guide, and provide perspective. But then you leave, and you don't have the responsibility for executing.”
It's a sentiment many former executives share. After retiring as CEO of Ulta in 2021, Mary Dillon reappeared as CEO of Footlocker one year later. “I didn’t realize how much I would miss having one big thing to focus on,” she told Fortune in 2023. Similarly, former Home Depot CFO Carol Tomé was enjoying her retirement on a farm in Georgia when she was asked to take the helm at UPS. She was in. “I really do like to make money, and I like to generate value,” she explained.
For retired executives who have held a CEO role—or come close—the allure of the corner office is undeniable. There’s the thrill of the challenge, the intellectual stimulation, and, yes, the prestige. Hill, just over two months in his corner office role, admits he still has something to prove. Retirement offered a reprieve the first few years, he said. “[But] there was a moment when I started to think to myself, ‘Is this really what the rest of my life's going to be like?’”
It’s a feeling many can relate to, but it’s likely felt more intensely by executives whose roles are all-consuming and shape their daily routines, identity, and sense of purpose.
When Hill received the call to return to Nike in 2024, the company was struggling with a 60% drop in stock value from its 2021 high, driven by declining sales, strained retailer relationships, and growing competition from brands like Brooks Running, Hoka, and New Balance.
Hill, featured on the cover of Fortune’s February/March issue, says he didn’t hesitate when the opportunity to lead Nike arose. “I get the phone call … and my whole world turns upside down,” he said. “It's just been a crazy 75 days.”
Watch the full interview with Nike CEO Elliott Hill here.
Contact Ruth Umoh at ruth.umoh@fortune.com. Contact Fortune's CEO Daily via Diane Brady,
diane.brady@fortune.com, or on Linkedin.
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