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.

Hill, who left in 2020 after 30 years at the sportswear giant, returns to Nike to succeed Donahoe, who will remain an advisor until the end of January.

Nike on Thursday named a company veteran, Elliott Hill, to be its next CEO, an announcement that immediately boosted the company’s flagging stock price and elicited cheers from insiders. Hill, 60, will succeed embattled CEO John Donahoe on Oct.