Nike announced plans to toss out its president and CEO John Donahoe, as demand falters for the brand's sneakers.He'll be replaced by former senior executive Elliott Hill, who will take over 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 top rank amid efforts to revive sales and battle rising competition.

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

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.

Hill was at Nike for 32 years and held senior leadership positions across Europe and North America where he helped expand the business to more than $39 billion, the company said

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.

Nike Inc stock price jumped in after-hours trading Thursday on news that CEO John Donahoe is retiring and will be replaced by Elliott Hill.

A leadership change is underway at Nike (NKE) as current CEO John Donahoe steps down, and longtime veteran Elliott Hill takes the helm, the company said on Thursday. Shares of Nike jumped by over 7% in after-hours trading following the announcement.

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,