Nike said 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. The company’s shares rose 9% in after-hours trading.

Elliott Hill started at Nike as an intern in 1988 but steadily scaled its ranks, banking on values of grit and hard work ingrained in him as the son of a single mom in a working class Texas neighborhood.

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 says Elliott Hill will replace John Donahoe as CEO in October. Nike has struggled to turn around its business over the last year.

Nike's new CEO will likely focus on repairing relations with retailers to boost demand, a strategy that took a back seat under outgoing chief John Donahoe, industry experts said on Friday. The sportswear giant named company veteran Elliott Hill as its CEO on Thursday,

The athletic giant announced Thursday that CEO John Donahoe will retire next month and will be replaced by Elliott Hill, a veteran former Nike executive. Nike’s stock rose 9% during after-hours trading Thursday,

Nike said Thursday that its president and CEO John Donahoe is retiring and will be replaced by a former senior executive, Elliott Hill. Why it matters: The sportswear giant warned in June of flagging sales and Axios' Hope King noted then that Nike's innovation and distribution strategies had struggled to win budget-conscious consumers or beat back growing competition.