NIKE, Inc. Class B (NKE.US) faces intense competition, with former top executive Elliott Hill returning to take over as CEO in an effort to revitalize sales.

NIKE, Inc. Class B(NKE.US) announced on Thursday that former executive Elliott Hill will rejoin the company, replacing John Donahoe as president and chief executive officer. The sportswear giant is restructuring its senior management team in an effort to revitalize sales and compete in an increasingly fierce market. Hill worked at NIKE, Inc. Class B for 32 years, holding senior leadership positions in Europe and North America, and helping the business grow to over $39 billion. Before retiring in 2020, Hill served as president of Consumer and Marketplace for NIKE, Inc. Class B, overseeing all commercial and market operations of the brand. The company also stated that Hill will become a member of NIKE, Inc. Class B's board of directors and executive committee. In this transition, John Donahoe has decided to retire as of October 13, stepping down from his position as president and CEO as well as a member of the company's board of directors. Donahoe will serve as an advisor until the end of January. Mark Parker, executive chairman of NIKE, Inc. Class B, said: "After considering our future needs, past performance, and a thoughtful succession planning process, the Board concluded that Hill's global expertise, leadership style, deep understanding of our industry and partners, along with his passion for sports, our brand, products, consumers, athletes, and employees, make him the right choice to lead NIKE, Inc. Class B in its next phase of growth." In early June, NIKE, Inc. Class B's sales and first-quarter performance fell short of expectations, sparking concerns among analysts about North American consumer demand, macro factors, and competitive impacts. So far this year, the company's stock price has dropped over 24%, while the S&P 500 index has risen over 19%.