Nike names Elliot Hill as the new CEO and president. The company announced on Thursday that CEO John Donahoe will step down after leading the company for over five years.

Nike has only had four chief executive offers. Elliott Hill will soon become the athletic giant's fifth. Hill, a company veteran of 32 years, was announced Thursday as the successor of John Donahoe, who has retired from his role as Nike Inc.

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