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.Hill, 60,

Elliott Hill, an executive who left the company after Donahoe’s appointment in 2020, will return as chief executive, Nike’s board said.

Nike CEO John Donahoe is retiring from his position and 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 advisor through the end of January.