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

When Nike said on Thursday that John Donahoe was stepping down as chief executive officer, his exit from a rocky tenure offered a brutal reminder to corporate boards: Focus on what a company's core business is when looking for a new CEO.

Nike Inc. spent nearly $104 million on pay and benefits for John Donahoe during his near five-year tenure atop the sneaker-maker, before replacing the former Bain & Co. executive in a bid to revive the brand.

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,

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 leadership amid efforts to revive sales and battle rising competition.

Elliott Hill is coming off the bench - and is going to have to bring his A-game next month when he takes the lead as president and chief executive officer of Nike Inc. There was little surprise when the sports giant revealed late Thursday that "the board and John Donahoe have decided he will retire from his role" as president and CEO as of Oct.

I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today. Wall Street is focused on corporate news. FedEx posted disappointing quarterly profits thanks to a drop in demand for its fastest shipping options.