Nike (NYSE:NKE) has rehired retired senior executive Tom Peddie to mend relationships with retailers as the sneaker maker struggles with falling sales, Bloomberg News reported on Tuesday, citing an internal memo.
Peddie, a veteran executive who worked at the athletic shoes and sports apparel maker (NKE) for 30 years before the company announced his retirement in 2020, is returning as its vice president of marketplace partners, the report said.
“As we continue to focus and improve capabilities in our wholesale business, I am confident that Tom will bring both vision and bold leadership to accelerate the Marketplace strategy,” Craig Williams, Nike’s president of geographies and marketplace, said in the memo.
In his last job, Peddie served as vice president and general manager of North America. His return to Nike (NKE) was slated for June 24, the report added.
Last month, Nike (NKE) fell sharply after sales and FQ1 guidance landed short of expectations. The report raised concerns with analysts about consumer demand in North America, the China recovery, macro factors, and the impact of competition.