Sept. 20 (UPI) -- Nike announced that CEO and President John Donahue will retire and be replaced by former Nike executive Elliott Hill. Hill, who retired from Nike in 2020 while he was president of the company's consumer and marketplace division, will take on the lead role and become part of the company's board of directors on Oct. 14.

Nike Inc. has named Elliott Hill as its president and CEO effective, replacing John Donahoe, who will retire next month.

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.