Nike chief executive office John Donahoe will step down from the company, effective Oct. 13. The beleaguered CEO will be replaced by former Nike executive Elliott Hill, who served in several leadership roles at the Swoosh before retiring in 2020.

Athletic equipment and sportswear giant giant Nike (NKE) is as big name there is in its chosen business. It makes all sorts of shoes, uniforms, basketballs and related gear. Its best-known product is the Air Jordan line of basketball shoes.

Nike shares surged in extended trading Thursday after the global shoe and athletic apparel company named Elliott Hill its CEO, replacing John Donahoe.

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

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 leadership amid efforts to revive sales and battle rising competition.

Elliott Hill, the newly named chief executive officer of Nike Inc., acknowledged that things have been rough for the world’s largest sportswear brand in his first message to staff on Thursday.

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.

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.

Elliott Hill will replace John Donahoe as chief executive next month, following months of struggles for the athletic-wear giant.