Athletic equipment and sportswear giant giant Nike (NKE) is as big name there is in its chosen business. It makes all sorts of shoes, uniforms, basketballs and related gear. Its best-known product is the Air Jordan line of basketball shoes.

Elliott Hill, an executive who left the company after Donahoe’s appointment in 2020, will return as chief executive, Nike’s board said.

Elliott Hill will replace John Donahoe as chief executive next month, following months of struggles for the athletic-wear giant.

Nike chief executive John Donahoe will retire next month, the company announced Thursday — marking the latest shake-up for the sneaker giant during a period of sluggish sales. Donahoe’s last day with Nike will be Oct.

Nike said on Thursday that former senior executive Elliott Hill will rejoin the company to succeed John Donahoe as president and CEO, as the sportswear giant shakes up its top rank amid efforts to revive sales and battle rising competition.

Key Takeaways Nike shares surged in extended trading Thursday after the global shoe and athletic apparel company named Elliott Hill its CEO, replacing John Donahoe.Hill will return to Nike after retiring in 2020,