Nike (NKE) stock is on the rise after news that CEO John Donahue is stepping down, to be replaced by Elliott Hill

Nike aims to regain market share, especially in the running category, by spotlighting performance products and introducing new budget-friendly sneakers.

Nike (NKE) shares jumped over 8% in extended trading on Thursday after the athletic apparel giant announced that Elliott Hill will return as President and Chief

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

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.

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 announced that former senior executive Elliott Hill will rejoin the company to succeed John Donahoe as president and CEO, as the sportswear giant shakes up its top rank amid efforts to revive sales and battle rising competition.

Nike has pulled longtime company veteran Elliott Hill out of retirement to serve as president and chief executive, replacing CEO John Donahoe.

Nike said on Thursday that former senior executive Elliott Hill will rejoin the company to succeed John Donahoe as president and CEO, as the sportswear giant shakes up its top rank amid efforts to revive sales and battle rising competition.