When Nike said on Thursday that John Donahoe was stepping down as chief executive officer, his exit from a rocky tenure offered a brutal reminder to corporate boards: Focus on what a company's core business is when looking for a new CEO.

Outgoing Nike CEO John Donahue made strategic missteps, most especially losing his team's winning spirit.. In-coming 32-year Nike veteran Elliott Hill will restore it.

Elliott Hill, an executive who left the company after Donahoe’s appointment in 2020, will return as chief executive, Nike’s board said.