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.

Hill, who left in 2020 after 30 years at the sportswear giant, returns to Nike to succeed Donahoe, who will remain an advisor until the end of January.

Elliot Hill first joined Nike as an intern in 1988 and steadily rose through the ranks, holding various leadership roles before retiring in 2020 as President of Consumer and Marketplace.