Nike says Elliott Hill will replace John Donahoe as CEO in October. Nike has struggled to turn around its business over the last year.

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

Nike Inc. ousted beleaguered chief executive John Donahoe, bringing longtime executive Elliott Hill out of retirement to return the struggling athletic brand to its glory days.Hill, 60, originally joined Nike in 1988 and served as president of consumer and marketplace before he retired in 2020.