Nike said John Donahoe will retire as chief executive and from the board. Elliott Hill, who retired from the sneaker maker in 2020, will succeed him.

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

Nike chief executive John Donahoe will retire next month in an abrupt leadership change punctuating a period of dour financial performance at the world’s largest sportswear maker.