Nike chief executive John Donahoe will retire next month, the company announced Thursday — marking the latest shake-up for the sneaker giant during a period of sluggish sales. Donahoe’s last day with Nike will be Oct.

New Nike CEO Elliot Hill is inheriting “a turnaround that has yet to show momentum,” according to Stifel analyst Jim Duffy.

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.

Shares in Nike (NKE) surged after the sneaker company said it was getting a new chief executive. John Donahoe will retire as CEO next month after nearly five years at the helm, Nike said late Thursday.

Key Takeaways Nike's hard-hit shares topped the Dow's leaderboard Friday as Wall Street analysts largely welcomed the company's appointment of longtime executive Elliott Hill as its new CEO.Jefferies stuck with its hold rating noting that Hill will have to handle headwinds including more competition since he left the firm four years ago.