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 Inc. ousted beleaguered Chief Executive Officer John Donahoe, bringing longtime executive Elliott Hill out of retirement in a bid to return the struggling athletic brand to its glory days.Hill, 60,

Elliott Hill will replace John Donahoe as chief executive next month, following months of struggles for the athletic-wear giant.

Nike Inc stock price jumped in after-hours trading Thursday on news that CEO John Donahoe is retiring and will be replaced by Elliott Hill.

Athletic equipment and sportswear giant giant Nike (NKE) is as big name there is in its chosen business. It makes all sorts of shoes, uniforms, basketballs and related gear. Its best-known product is the Air Jordan line of basketball shoes.

A leadership change is underway at Nike (NKE) as current CEO John Donahoe steps down, and longtime veteran Elliott Hill takes the helm, the company said on Thursday. Shares of Nike jumped by over 7% in after-hours trading following the announcement.

Nike stock was soaring after the company announced that it’s CEO would retire. CEO John Donahoe will be stepping down Oct. 13, and will remain an advisor to the company through Jan. 31. He will be replaced by former Nike executive Elliott Hill,