Why retired CEOs like Nike’s Elliott Hill keep coming back

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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The Fed makes a call on Wednesday. The Fed futures market says there is a 97% chance the Fed will leave interest rates where they are, following strong economic data.

From Fortune

Wall Street: Trump’s rate cut demands are unlikely
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The markets

• Tech stocks are sharply down in premarket selling as investors digest the consequences of China’s DeepSeek R1 AI model. DeepSeek said it took two months and just $6 million to develop its model, which reviewers have said is often superior to US versions. Open AI by contrast is spending $5 billion per year. It is also less dependent on Nvidia chips. DeepSeek is already the No.1 AI download on iPhone. The selloff in Western tech stocks suggests people are reassessing whether U.S.-developed AI really is ahead in this race. DeepSeek’s subscription price is also less than OpenAI.

From the analysts

• Apollo on the Fed: “... the US economy is entering 2025 with some really strong tailwinds, and the market is underestimating the risk that the Fed will have to hike interest rates later this year,” according to Torsten Sløk.
• JP Morgan on OpenAI’s Operator: “Google would have some risk if there are easier & quicker ways to complete certain tasks rather than going through search. However, Google announced its own AI agent, Project Mariner, in December and is currently testing the product … we believe Google likely has a data advantage through search, & a distribution advantage as it could integrate Mariner into Chrome or Android, both of which are among the 7 Google products with 2B+ users. Separately, Reddit generates ~40-50% of traffic from Google, & changes to search could impact Reddit’s user growth & engagement,” writes Doug Anmuth and team.
• Goldman Sachs on tariffs: “We expect the Fed to mostly look through any inflationary effects of tariffs because they represent a one-time increase in the price level rather than a persistent source of inflationary pressure. A common objection to this view is that the Fed would have to react to tariffs—and perhaps even hike—if they raised inflation expectations, which might prove less anchored than usual following the recent inflation surge,” according to Jan Hatzius and team. 
• Goldman Sachs on the Fed: “Since the FOMC’s December meeting, several FOMC participants suggested that the time had likely come to slow the pace of rate cuts, agreeing with President Schmid’s comment that “The strength of the economy allows us to be patient,” Hatzius et al says.
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AROUND THE WATERCOOLER

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Nearly a third of Elon Musk’s EV-loving Dutch customers may sell their Teslas: ‘There’s been a debate in the Netherlands around Tesla shame’ by Christiaan Hetzner

This edition of CEO Daily was curated by Joey Abrams and Jim Edwards.