Athleisure: Nike said on Thursday that Chief Executive Officer John Donahoe will retire after more than five years at the helm as the sportswear giant shakes up its top rank amid efforts to revive sales and battle rising competition.

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.Hill, 60, originally joined Nike in 1988 and served as president of consumer and marketplace before he retired in 2020.

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