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

Mr Hill is a graduate of Texas Christian University (TCU) and Ohio University, currently serving on TCU's Board of Trustees. His journey at Nike began as an intern in 1988, and over the years, he has navigated through 19 different roles, culminating in his retirement in 2020 as President of Consumer and Marketplace.

Nike announced 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. The company's shares rose 9 percent in after-hours trading.