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 top rank amid efforts to revive sales and battle rising competition.

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.

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