Nike CEO says remote work is hurting innovation

Nike CEO John Donahoe is the latest business executive to weigh in on whether to work from home or in-person, and his decision is clear. Ambitious product innovations suffered as employees went remote.

In an interview with CNBC on Friday, he said there is a huge amount of innovation going on at the sporting goods giant, with revenue growing at a rate of 9% in constant currencies over the past four years. Iterative innovation.

But he acknowledged a lack of bold, disruptive innovation, citing supply chain issues such as factories in Vietnam being closed for three months during the pandemic as one of the reasons.

But more importantly, employees have been working from home for two and a half years, Donahoe said. And in hindsight, it turns out that it's very difficult to do bold, disruptive innovations, to create bold, disruptive shoes on Zoom.

He added that the team returned to in-person work 18 months ago and realized what was missing before.

So we've restructured the company and in the last year we've been really focused on rebuilding our iterative innovation pipeline as well as our disruptive innovation pipeline, he said. So the pipeline is as powerful as ever.

Nike announced in December that it plans to cut costs by $2 billion over the next three years as part of a broader restructuring plan driven in part by weak consumer demand.

And in February, the company announced layoffs of 2% of its workforce, or more than 1,500 people, and Mr. Donahoe placed some of the blame for Nike's recent poor performance on himself and the company's management. This comes amid a flurry of other job cuts in the technology, media and financial sectors.

The strong support for Donahoe's departure is the latest salvo in the debate over the future of work. While many workers claim they are more productive from home, the mandate to return to the office has been almost universally condemned.

Still, the number of days in the office at major American companies increased from an average of 1.1 days per week in 2021 to 3.4 days in 2023. This is despite recent research showing that managers are actually more willing to work from home than employees.

But a separate survey earlier this month found that for the first time since the pandemic began, more workers say they prefer hybrid work to fully remote work.

Meanwhile, Nike's product innovations will be on display this summer in a high-profile stage show during the Paris Summer Olympics, when top athletes will showcase the company's shoes and apparel. This comes as new rivals move into key markets.

Over the past 50 years, the company has contributed to the advancement of running more than any other brand in the world and continues to lead elite runners, Donahoe told CNBC when asked about On running and Hoka. Innovation has always been Nike's hallmark in running, as in other categories, and we never intended to just copy what everyone else was doing.

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