Sportswear and sports equipment giant NIKE will replace its retiring president and chief executive John Donohoe with Elliott Hill.

Hill originally held senior leadership positions at Nike before retiring in 2020 - he was there for 32 years, eventually to president of consumer marketplace.

In a regulatory filing, Nike has said that Hill’s annual base salary will be $1.5 million and that he will take over as chief exec and president on October 14.

The announcement led to Nike’s shares rising by 8% in after-hours trading.

Over recent years, under Donohoe’s leadership, sales at Nike have weakened, and its most recent quarterly financials saw the company announce a 2% decline in revenues.

In February, Nike disclosed that it would be cutting around 2% of its global staff, equating to just over 1,600 jobs. In total, Nike is aiming to save around $2 billion in costs over a three-year cycle.

Currently, reports have Nike stock value as being down around 24% so far in 2024.

In terms of Nike’s most recent announced kit supply deals, late August saw the industry giant unveiled as the first-team kit provider for Italian women’s soccer side Como.

Mid-August, meanwhile, saw the revelation that billionaire investor William Ackman had bought around three million Nike shares during the second quarter of 2024, although this only equates to a stake of 0.19%.