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

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

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. The company's shares rose 9 percent in after-hours trading.