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Nike’s announcement Thursday that it would replace chief executive John Donahoe wasn’t a complete surprise. In recent weeks, calls for the company to find fresh leadership had grown louder, with analysts openly suggesting a change at the top was needed, and speculation swirling about an activist push for new management after Pershing Square Capital, run by activist investor Bill Ackman, disclosed it had bought a stake.
What was surprising was the company’s choice for Donahoe’s…
