NIKE, Inc. (NYSE) has appointed Elliott Hill as President and Chief Executive Officer, effective October 14, 2024. Hill, who will also join the NIKE Board of Directors and the Executive Committee, succeeds John Donahoe,

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.

A leadership change is underway at Nike (NKE) as current CEO John Donahoe steps down, and longtime veteran Elliott Hill takes the helm, the company said on Thursday. Shares of Nike jumped by over 7% in after-hours trading following the announcement.