Nike (NYSE:NKE) announced that Elliott Hill will assume the role of President and Chief Executive Officer on October 14, following the retirement of current CEO John Donahoe. After the announcement, Nike’s shares surged more than 6% in pre-market today.

John Donahoe will step down from his position and the Board of Directors on October 13 but will continue to advise the company until January 31, 2025, to ensure a seamless leadership transition.

Mark Parker, Executive Chairman of Nike, praised Hill’s global expertise and deep understanding of the industry, expressing confidence in his ability to lead Nike moving forward. Parker also acknowledged Donahoe’s impactful leadership, particularly during the challenges of the COVID-19 pandemic and his role in advancing the company's community-focused initiatives.