Nike said on 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 leadership amid efforts to revive sales and battle rising competition.

Nike on Thursday named a company veteran, Elliott Hill, to be its next CEO, an announcement that immediately boosted the company’s flagging stock price and elicited cheers from insiders. Hill, 60, will succeed embattled CEO John Donahoe on Oct.

John Donahoe, the current CEO of Nike, has announced his retirement effective from October 13, the world's largest sportswear company confirmed this in a statement. Following his departure as CEO, Donahoe will continue to serve in an advisory capacity until early next year to ensure a smooth transition of leadership.