(Reuters) -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. has named Elliott Hill as its president and CEO effective, replacing John Donahoe, who will retire 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.

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.

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.

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’s beleaguered stock was rising sharply after the company announced that its CEO would retire.The athletic shoe and apparel maker has been hurt in recent years from a slowdown in China and competition from upstarts like Deckers Outdoor’s Hoka brand and On Holding.