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. 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.

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,