Nike chief executive office John Donahoe will step down from the company, effective Oct. 13. The beleaguered CEO will be replaced by former Nike executive Elliott Hill, who served in several leadership roles at the Swoosh before retiring in 2020.

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.

Nike shares surged in extended trading Thursday after the global shoe and athletic apparel company named Elliott Hill its CEO, replacing John Donahoe.

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

Nike's new CEO is expected to double down on the company's efforts to repair relations with retailers to energize sales, reversing a strategy under outgoing chief John Donahoe that focused on selling directly through its stores and website.

In his first message to employees, Nike's new CEO, Elliot Hill, acknowledged that the company faces challenging times.

Nike Inc. destituyó al director ejecutivo John Donahoe, y trajo al ejecutivo Elliott Hill en un intento por devolver a la marca deportiva en crisis a sus días de gloria.

Elliott Hill started at Nike as an intern in 1988 but steadily scaled its ranks, banking on values of grit and hard work ingrained in him as the son of a single mom in a working class Texas neighborhood.

Elliott Hill, a veteran employee at Nike, is returning to the company. But he'll earn over $2 million less than outgoing CEO John Donahoe.