Nike said John Donahoe will retire as chief executive and from the board. Elliott Hill, who retired from the sneaker maker in 2020, will succeed him.

Nike chief executive John Donahoe will retire next month in an abrupt leadership change punctuating a period of dour financial performance at the world’s largest sportswear maker.

Nike CEO John Donahoe is retiring from his position and company veteran Elliott Hill is returning to take the top job. Donahoe is slated to step down on Oct. 13 but will remain on as an advisor through the end of January.