The board of directors of major sports apparel brand Nike has announced the appointment of Elliott Hill as its new president and chief executive officer, effective from 14 October 2024.

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.

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 Inc. ousted beleaguered Chief Executive Officer John Donahoe, bringing longtime executive Elliott Hill out of retirement in a bid to return the struggling athletic brand to its glory days.

Nike's new CEO will likely focus on repairing relations with retailers to boost demand, a strategy that took a back seat under outgoing chief John Donahoe, industry experts said on Friday.

The company looks to shake things up as demand for its trainers falters in international markets.

Nike on Thursday announced it would replace CEO John Donahoe with his former colleague, Elliott Hill, sending the stock soaring on the news. Hill, 60, is returning to Nike four years after retiring from the sneaker giant.