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

After losing market share in recent years, Nike faces near-term challenges such as the sales momentum among competitors.

Nike chief executive John Donahoe will retire next month, the company announced Thursday — marking the latest shake-up for the sneaker giant during a period of sluggish sales. Donahoe’s last day with Nike will be Oct.