Nike stock was soaring after the company announced that it’s CEO would retire. CEO John Donahoe will be stepping down Oct. 13, and will remain an advisor to the company through Jan. 31. He will be replaced by former Nike executive Elliott Hill,

Nike Inc. ousted beleaguered chief executive John Donahoe, bringing longtime executive Elliott Hill out of retirement to return the struggling athletic brand to its glory days.

Nike CEO John Donahoe is retiring from his position and longtime company veteran Elliott Hill is returning to take the top job. Donahoe is slated to step down on Oct. 13 but will remain on as an adivsor through the end of January.