Nike said John Donahoe will retire as chief executive and from the board, and named his successor, Elliott Hill, who retired from the sneaker maker in 2020.

Outgoing Nike CEO John Donahoe made strategic missteps, most especially losing his team's winning spirit.. In-coming 32-year Nike veteran Elliott Hill will restore it.

Nike CEO John Donahoe is retiring from his position and longtime company veteran Elliott Hill is returning to take the top job. Donahoe is slated to step down on Oct. 13 but will remain on as an adivsor through the end of January.

The leadership change, effective October 14, follows a rocky tenure for Donahoe, who joined the footwear giant as a tech-focused outsider in January 2020. Shares of Nike (NYSE: NKE) jumped in after-hours trading on Thursday after news broke that CEO John Donahoe is leaving the company and will be replaced by Elliott Hill,

Donahoe’s last day with Nike will be Oct. 13, but the company said in a news release he will remain as an adviser through the end of January. The embattled CEO, who took the helm at Nike in January 2020, will be replaced by Elliott Hill, a former Nike executive who retired in 2020.

It looks like a series of missteps have resulted in Nike CEO John Donahoe stepping down from the nation's largest sportswear company, NIKE Inc. The company made the head-turning announcement Thursday,

John Donahoe's exit from Nike comes as the company lays off workers worldwide, including 740 at its Beaverton world headquarters.

Nike on Thursday named a company veteran, Elliott Hill, to be its next CEO, an announcement that immediately boosted the company’s flagging stock price and elicited cheers from insiders. Hill, 60, will succeed embattled CEO John Donahoe on Oct.

Nike said John Donahoe has decided to retire as chief executive and from the board on Oct. 13.

Nike Inc. has named Elliott Hill as its president and CEO effective, replacing John Donahoe, who will retire next month.