CNBC: Nike CEO John Donahoe is out, replaced by company veteran Elliott Hill

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CNBC reports:

Nike on Thursday announced that its CEO John Donahoe is stepping down and company veteran Elliott Hill is coming out of retirement to take the helm of the sneaker giant.

Donahoe, who has been Nike’s CEO since Jan. 2020, will retire from his position on Oct. 13. Hill is slated to take over on the following day. Donahoe will stay on as an advisor through the end of January.

Shares climbed 8% in extended trading Thursday. As of the close, shares ...